The Enforcement Directorate (ED) has carried out extensive raids across Delhi, Uttar Pradesh, and Haryana in connection with a massive ₹190 crore bank loan fraud. The case, which involves allegations of criminal conspiracy, forgery, and layered financial misappropriation, has been registered under provisions of the Prevention of Money Laundering Act (PMLA), 2002.
Fraudulent Loans and Shell Companies Under the Scanner
According to sources within the ED, bank loan fraud involves multiple entities that secured loans through forged documents, inflated project values, and fraudulent collateral. These loans, once sanctioned, were routed through a complex network of shell companies to obscure the money trail and launder funds for personal gain.
Initial leads were generated through complaints filed by a consortium of banks that flagged suspicious transactions and defaults. The Central Bureau of Investigation (CBI) had previously registered a First Information Report (FIR) in the case, which has now led to the ED’s involvement in tracking the laundering aspect.
During the raids, officials seized incriminating digital records, bank transaction files, and evidence pointing toward the use of front companies. Officials suspect the use of benami properties and offshore financial entities in the laundering network.
Properties and Digital Assets Seized During Search Operations
In simultaneous search operations conducted in residential and commercial premises, ED teams recovered documents relating to high-value properties, luxury vehicles, and digital assets such as cryptocurrency wallets. Investigations are ongoing to trace the ultimate beneficiaries of the misappropriated funds.
The agency has reiterated its commitment to unravelling financial crimes and bringing the guilty to justice. It has also issued summonses to key individuals named in the FIR for questioning in the coming days.
This operation underscores the increasing focus of financial intelligence agencies on tackling white-collar crimes, especially those impacting public financial institutions and national banks.
About the Author – Anirudh Mittal is a B.Sc. LL.B. (Hons.) student at National Forensic Sciences University, Gandhinagar, with a keen interest in corporate law and tech-driven legal change.