The Enforcement Directorate has seized gold and diamond jewellery worth over Rs 4 crore after it raided promoters of a Tamil Nadu-based company in a money laundering probe linked to an alleged bank loan fraud. The searches were conducted under provisions of the Prevention of Money Laundering Act (PMLA) and the residential premises of K Subbaraj, chairman of Tiruchirappalli-based Cethar Ltd, its managing director K Pothiraj and director of NSK Builders Pvt Ltd N S K Kalairaja were covered, it said.
Gold and diamond jewellery worth Rs 1.77 crore along with several property documents were seized in raid.