The Enforcement Directorate (ED) conducted searches at eight locations across Delhi, Uttar Pradesh and Punjab in connection with a money laundering case linked to an alleged bank fraud. The ED said the investigation stems from a CBI case relating to an alleged fraud involving around Rs 450 crore.
The investigation has revealed that the loan funds were allegedly diverted and layered through a network of shell entities, accommodation entry operators and related companies using fake invoices and circular financial transactions. The agency said the searches were conducted at premises linked to the company’s promoters, associated firms and facilitators. Further investigation is underway.
