The Enforcement Directorate has arrested the promoter of Chennai-based Coastal Energy Private Limited, Ahmed AR Buhari, under the Prevention of Money Laundering Act (PMLA), officials said.
The ED had initiated the money laundering investigation after the Central Bureau of Investigation (CBI) filed an FIR under various sections of the Indian Penal Code (IPC) and the Prevention of Corruption Act against Ahmed AR Buhari and other unknown officials of PSUs.
The Directorate of Revenue Intelligence also conducted an investigation in this case, and a show cause notice was issued to the party in accordance with the provisions of the Customs Act.
Ahmed Buhari allegedly controls Coastal Energy Private Limited (Chennai), Coastal Energen Private Limited, Coal & Oil Group (Dubai), and other offshore companies in Mauritius and the British Virgin Islands.
