Ahmedabad: The Enforcement Directorate (ED) conducted raids at three textile business premises in Ahmedabad, investigating a ₹10.95 crore bank fraud. The move follows complaints from the Oriental Bank of Commerce alleging misuse of loan funds by the companies. The raids, carried out under the Prevention of Money Laundering Act (PMLA), aim to uncover financial irregularities and possible diversion of funds.
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The Companies Under Scrutiny
The firms involved include Shree Om Fab, Shree Baba Textile, and Shree Laxmi Fab. All three are reportedly owned by Ranjitkumar J. Loonia and operate primarily in grey cloth trading. Authorities allege these companies obtained loans and cash credit facilities using forged documents, with funds diverted for purposes not declared in the original loan applications.
Legal and Financial Implications
The ED’s action is a follow-up to a Central Bureau of Investigation (CBI) FIR, triggered by the bank’s complaint. Under the PMLA, misusing loan funds or engaging in fraudulent financial practices is a criminal offense, potentially leading to freezing of assets, fines, and imprisonment. Officials have stated that documents, financial records, and digital data were seized during the raids for further investigation.
