The Enforcement Directorate (ED) is conducting search operations at 17 locations across Mumbai, Khandala, and New Delhi in connection with the alleged fraudulent assignment of YES Bank loans during the financial years 2016-17 and 2017-18. The searches cover premises linked to Suraksha Asset Reconstruction Company Limited (SARCL), Suraksha Realty Limited, Khyati Realtors Private Limited, their promoters, directors and employees, as well as a former YES Bank employee.
ED said that the search operations are being carried out to gather evidence in a money laundering case involving the alleged collusion between certain Asset Reconstruction Companies and YES Bank. The probe relates to circular transactions for the takeover of stressed assets, undervaluation of auctioned assets, inflated or fraudulent claims, and issues concerning creditor voting rights and transparency in the Corporate Insolvency Resolution Process.
