ED Raids Marine Food Firm’s Properties in Chennai in Rs 225 Cr Bank Fraud case

GG News Bureau

Chennai, 10th Aug. Oceanic Edible International Ltd properties were raided by Enforcement Directorate (ED) authorities in connection with a Rs 225 crore bank fraud case filed by the Central Bureau of Investigation (CBI) in 2021.

In connection with the investigation, ED officials launched raids at around 13 places in Chennai, including T Nagar, Choolaimedu, Kodambakkam, Perungudi, Sholinganallur, and a few more.

The CBI had filed a case against the Chennai-based marine foods manufacturing company for allegedly engaging in a Rs 225 crore bank fraud. The company was accused of defrauding five banks, including the Indian Overseas Bank, State Bank of India, Central Bank of India, ICICI, and IDBI, of Rs 225.15 crore after receiving credit.

The ED has now taken up the investigation and has been conducting raids in several places throughout Chennai since Thursday morning (August 10). The properties of the company and its owners, Joseph Raj Arockiasamy, Vimala Joseph Arockiasamy, James Walter Arockiasamy, and Dominic Savio, are being searched, including houses and office locations.

According to sources, the ED had been notified about the case, and suspicious transactions were noted in these banks recently.

“The consortium of these five banks headed by the Indian Overseas Bank filed a complaint with the Economic Offences Wing. It is suspected that the company and its owners have indulged in illegal foreign transactions and investments. Therefore, ED took over the case and has been conducting raids in relation to the case,” sources said.

Additional information on the inquiry, as well as an official announcement from the ED, are yet to come.