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The Enforcement Directorate (ED) carried out search operations on Tuesday in Delhi, Hyderabad, Jaipur, and Mumbai in connection with a Rs 70 crore bank fraud case, officials said.
The raids are underway, and the premises covered in the search action belong to entities and individuals closely associated with a specific individual. The ED registered an Enforcement Case Information Report (ECIR) based on the Central Bureau of Investigation's (CBI) First Information Report (FIR), which was registered on the grounds of a complaint made by Punjab and Sind Bank. "One individual and his family members, through entities owned and controlled by them, siphoned off the loan and funds extended by the Punjab and Sindh Bank to the tune of approximately Rs 70 crores," officials said. They added that huge amounts of the loan funds were diverted to various entities owned and controlled by the individual, which were not engaged in any business activities. Meanwhile, in a similar case, the ED on Friday carried out searches at 12 locations across West Bengal, Telangana, and Gujarat in connection with a separate bank fraud involving Rs 2,700 crore. ED's Kolkata zonal office led the searches at 10 locations in West Bengal's Kolkata, one in Telangana's Hyderabad, and one in Gujarat's Ahmedabad, based on specific inputs. The raids are still underway at these locations in close coordination with state police forces. "The places being raided include the premises of suspects linked to the case," said officials. The search operation is part of the ED's investigation into suspected money laundering and financial irregularities linked to the jewellery firm. "The agency is examining transactions and records to trace the alleged diversion of bank funds and identify the beneficiaries involved in the scam," officials added. (ANI)
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