Economic Fraud
ED Raids Haryana Congress MLA and Others in Rs 1,392 Crore Bank Fraud Case
The Enforcement Directorate (ED) conducted raids on Haryana Congress MLA Rao Dan Singh, his family, and several others in connection with a Rs 1,392 crore bank loan fraud case. The searches spanned multiple locations, including Mahendragarh, Bahadurgarh, Gurugram, Delhi, and Jamshedpur.
In a significant crackdown, the Enforcement Directorate (ED) conducted extensive raids at various locations associated with Haryana Congress MLA Rao Dan Singh, his family members, and several business associates. These actions are part of an ongoing investigation into a massive bank loan fraud case amounting to Rs 1,392 crore.
The ED’s search operations covered about 15 locations, including premises in Mahendragarh, Bahadurgarh, and Gurugram in Haryana, as well as Delhi and Jamshedpur. The raids targeted the properties of Rao Dan Singh, a 65-year-old MLA from Mahendragarh constituency, and his son Akshat Singh, among others.
The central agency’s probe is focused on a metal fabricating company, Allied Strips Limited (ASL), and its promoters, including Mohinder Agrawal and Gaurav Agrawal. ASL is involved in the manufacturing of cold roll steel products. It is alleged that the company, along with Rao Dan Singh’s family, took substantial loans from various banks and failed to repay them, leading to a financial loss of Rs 1,392 crore.
Ghaziabad Residents Beware: Rs 45.75 Crore Lost to Cybercrime in First Half of 2024 Alone
The bank loan fraud case was initially registered by the Central Bureau of Investigation (CBI) in 2022. The CBI’s preliminary findings indicated that Rao Dan Singh’s family and their associated companies had availed loans from ASL but never returned the funds, which were later written off as bad debts.
The ED is investigating the money laundering aspect of this case, focusing on the financial transactions and the movement of funds. The agency is scrutinizing the flow of money to uncover any illicit activities or misappropriation of bank loans.
The recent raids by the ED mark a significant step in addressing the large-scale bank fraud and ensuring accountability. The investigation is expected to reveal further details about the financial irregularities and the involvement of other entities in this extensive fraud.
Follow The420.in on
Twitter (X), LinkedIn, and YouTube