MANGALURU — The Enforcement Directorate (ED) has launched a far-reaching investigation into a prominent couple in the coastal city of Mangaluru, in connection with an alleged multi-crore rupee fraud involving fake loan arrangements. Acting on a case initially registered by local police, ED officials conducted coordinated searches at five locations across the city. The investigation centers on allegations that the couple collected money from several businessmen with promises to secure loans at low interest rates. However, according to preliminary findings, they allegedly failed to deliver on these assurances, using the funds for personal expenses and to finance private business ventures.
The Anatomy of the Alleged Fraud
Initial findings from the ED suggest the accused couple routed approximately ₹39 crore through a complex network of shell firms. These funds were allegedly collected from various businessmen who were promised low-interest loans, with the couple even collecting amounts for stamp duty and other related fees. The money was reportedly transferred through shell firms, which are believed to have been set up to obscure the fraudulent trail. Authorities are now carefully examining digital records, diaries, and other documents recovered during the raids to piece together the complete financial picture and trace the entire flow of the funds.
Seizures and Financial Freeze
The ED has frozen bank accounts containing ₹3.75 crore. In addition to the frozen funds, officials also seized five fishing boats, valued at a total of ₹5.75 crore, which were purchased in the name of the wife. Investigators believe these high-value assets were acquired using the fraudulent funds, highlighting the scale and nature of the alleged financial misconduct. The total value of assets frozen or seized as part of the ongoing investigation has reached ₹9.5 crore.
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Fictitious Companies and Misuse of Funds
The investigation has further revealed that the alleged fraud was not a simple case of broken promises. The use of a network of fictitious companies suggests a premeditated and organized effort to launder the ill-gotten gains. The funds collected were not only used for personal luxuries but also allegedly funneled into private business ventures, further complicating the financial trail.
Next Steps in the Investigation
With the search operations now complete, the ED is focused on a detailed examination of the seized documents and digital evidence. Forensic and financial analyses are underway to corroborate the preliminary findings and build a comprehensive case against the accused. Further action, including potential arrests and formal charges, is expected once these analyses are complete.