Chennai, Jan 19 : The Enforcement Directorate (ED) on Friday launched searches at the premises of Syvanus King Peter, Managing Director and Chief Executive Officer, Ocean Lifespaces India Private Limited, in Chennai. Sources in the Tamil Nadu Police told IANS that the agency opened an Enforcement Case Information Report (ECIR) based on a case registered by the Central Crime Branch of the Chennai Police against Syvanus Peter. The CCB had booked a case against Syvanus Peter on August 14, 2023, based on a complaint lodged by Balasubramanian Sriram who alleged that he was cheated by the company promoters and was removed from the post of Director of Ocean Lifespaces India. The complainant had also moved the National Company Law Tribunal challenging his removal as director of the company. The company directors had moved the Madras High Court to quash the FIR. However Justice G. Jayachandran of the Madras High Court refused to quash the FIR and instead on December 15, 2023 ordered an investigation by the Crime Branch CID by an officer not below the rank of the Superintendent of Police. Justice Jayachandran said, 'This court finds that it is a matter of very serious nature and to be probed by a specialised agency. While the de facto complainant (Sriram) had approached the NCLT seeking remedy of relinquishing the minority share of 10 per cent for a value of Rs 13 crore, the payment of Rs 50 crore by the petitioner to buy the shares per se appears to be murky and suspicious.' Based on this order the Central Crime Branch( CCB), launched the investigation and now the Enforcement Directorate is conducting raids in the premises of the company. /IANS