ED raids 10 places in Delhi, Madhya Pradesh in INR 273 crore bank fraud case

New Delhi [India], September 9 (HBTV): The Enforcement Directorate (ED) on Tuesday carried out search operations at ten locations across Delhi and Madhya Pradesh in connection with an alleged INR 273 crore bank fraud case, officials said.

According to the agency, the searches were conducted at nine places in Delhi and one in Bhopal. The premises covered in the operation belong to entities and persons closely associated with the company under investigation.

The ED registered an Enforcement Case Information Report (ECIR) on the basis of a Central Bureau of Investigation (CBI) FIR, filed following a complaint by the bank.

‘The company and its promoters and directors siphoned off the loan and funds extended by IFCI (Industrial Finance Corporation of India) to the tune of approximately INR 273 crores,’ officials said.

The agency added that its investigation revealed a significant diversion of loan funds to various related entities of EHDL, which were not engaged in any genuine business.

In a separate matter, the ED on Saturday filed documents related to a complaint lodged by BJP leader Subramanian Swamy in 2014, along with an ECIR, in the National Herald money laundering case involving Congress leaders Sonia Gandhi, Rahul Gandhi and others.

Special Judge Vishal Gogne directed the ED to provide copies of the documents to all the proposed accused. The case is listed for hearing on September 16 to record submissions by defence counsel, after which the court will set a date for the order on cognisance.

During the proceedings, the ED’s counsel confirmed the filing. On Thursday, after hearing submissions from Additional Solicitor General (ASG) S V Raju in a closed courtroom, the court granted more time to the ED to submit documents and sought further clarification.

ASG Raju, appearing via video conference, stated that the ED was not opposed to submitting the documents before the court and providing them to the proposed accused. He sought to do so through a formal application.

(ANI)