ED Cracks Down on Alleged Rs 425 Crore Bank Loan Fraud
The Enforcement Directorate (ED) conducted searches in Delhi and Maharashtra as part of a money laundering investigation linked to a bank loan fraud case involving Rs 425 crore. The raids targeted 10 locations and are connected to a probe against Gupta Exim India Private Ltd. under the Prevention of Money Laundering Act.
- Country:
- India
The Enforcement Directorate intensified its investigation into an alleged bank loan fraud by executing searches across Delhi and Maharashtra. The case revolves around funds amounting to Rs 425 crore.
Raids were conducted at 10 locations, including nine in Delhi and one in Pune, centering on Gupta Exim India Private Ltd.
The inquiry, grounded in a CBI FIR, accuses the company's promoters and directors of diverting loan funds sourced from Punjab National Bank. The probe continues under the Prevention of Money Laundering Act.
(With inputs from agencies.)
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