Enforcement Directorate Cracks Down on Rs 273 Crore Money Laundering Case
The Enforcement Directorate conducted searches in Delhi and Madhya Pradesh as part of a Rs 273 crore money laundering probe involving Era Housing and Developers India Private Ltd. The investigation, initiated under the Prevention of Money Laundering Act, stems from a CBI FIR alleging misuse of Industrial Finance Corporation of India loan funds.
- Country:
- India
The Enforcement Directorate (ED) intensified its investigation into a significant money laundering case by conducting searches in Delhi and Madhya Pradesh on Tuesday. This operation is linked to an alleged bank loan fraud involving Era Housing and Developers India Private Ltd., amounting to a staggering Rs 273 crore, according to official sources.
The Delhi zone of this federal probe agency covered ten premises in total, including one in Bhopal. The ongoing case targets the company and its promoters, who are accused of wrongful conduct related to the misuse of loan funds, the ED confirmed.
Rooted in an FIR filed by the Central Bureau of Investigation (CBI), the ED's action under the Prevention of Money Laundering Act (PMLA) is based on allegations that the company siphoned loan amounts from the Industrial Finance Corporation of India (IFCI) to entities not involved in legitimate business activities.
(With inputs from agencies.)
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- Enforcement Directorate
- money laundering
- Delhi
- Madhya Pradesh
- bank loan fraud
- EHDL
- PMLA
- CBI
- FIR
- IFCI
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