Mumbai. The Enforcement Directorate conducted searches at six residential and commercial premises linked to Gajanan Gangamai Industries LLP and others in connection with an alleged ₹135 crore bank fraud case.
The searches were carried out in Mumbai and Chhatrapati Sambhajinagar, during which a fixed deposit worth about USD 3.7 million, or approximately ₹35.71 crore, held with the Singapore branch of Indian Bank was frozen. A BMW 320LD Grand Luxury Line vehicle was also seized, along with documents and digital devices relevant to the investigation.
The case concerns loans obtained by Gajanan Gangamai Industries LLP from a consortium of banks led by Bank of India. The company, its partners and others are accused of allegedly diverting and siphoning off loan funds. The allegations include cheating, criminal conspiracy and financial misconduct. The role of former partner Nitin Ramchandra Jadhav and others is being examined as part of the investigation.
The probe was initiated on the basis of an FIR and subsequent chargesheet filed by the Central Bureau of Investigation’s Anti-Corruption Bureau in Pune. The company had obtained substantial loans from the bank consortium, which later turned into non-performing assets. The outstanding dues were estimated at around ₹135 crore, after which the consortium banks classified the account as fraudulent.
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Investigators allege that the loan funds were not used entirely for their intended business purposes and were instead diverted through multiple entities. Several companies and other entities were allegedly used to route and rotate the funds, making it difficult to establish their actual destination and utilisation.
The investigation indicated that funds were allegedly transferred through entities linked to Nitin Jadhav in multiple stages. The money was subsequently routed through several shell entities and alleged entry providers before substantial amounts were withdrawn in cash. Investigators suspect that the complex financial transactions were designed to obscure the origin and ultimate use of the suspected proceeds of crime.
The alleged cash withdrawals have also emerged as an important part of the probe. Authorities are examining whether the movement of funds through multiple entities followed by cash withdrawals was intended to break the financial trail and conceal the identities of the ultimate beneficiaries.
During the searches, the fixed deposit worth approximately ₹35.71 crore maintained with the Singapore branch of Indian Bank was frozen. The BMW 320LD Grand Luxury Line was also seized. Investigators recovered documents and digital devices that may contain details of bank transactions, fund transfers and communications connected with the alleged diversion of loan funds.
The seized material is now being examined to establish the complete flow of the funds. Investigators are looking into the bank accounts and entities through which the money was allegedly transferred, as well as the ownership and control of the entities involved in the transactions.
The role of the company’s present and former partners, along with alleged entry providers, is also under scrutiny. Financial records and digital evidence recovered during the searches could help investigators establish links between the individuals and entities allegedly involved in the movement of funds.
The investigation will focus on tracing the suspected proceeds of crime, identifying the ultimate beneficiaries and determining the extent of the alleged financial transactions connected with the ₹135 crore bank fraud case. Further action will depend on the findings from the seized financial and digital records.
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