ED Cracks Down on Alleged Bank Loan Fraud, Arrests Three Key Figures

The Enforcement Directorate (ED) has arrested three individuals, including a chartered accountant, as part of a money laundering probe related to bank loan fraud. The case involves Sunstar Overseas Ltd and its ex-directors, who allegedly defrauded a consortium of banks of over Rs 950 crore.

The Enforcement Directorate (ED) announced the arrest of three individuals, including a chartered accountant and a resolution professional, connected to a money laundering investigation linked to an alleged bank loan fraud. This case is tied to efforts to regain control of the insolvent company Sunstar Overseas Ltd (SOL) from the National Company Law Tribunal (NCLT).

Rakesh Kumar Gulati, a chartered accountant, Ajay Yadav from Umaiza Infracon LLP, and a person identified as Paramjeet were detained on July 1 by the Gurugram zonal office of the ED. A special PMLA court has remanded them to ED custody until July 9, according to a statement from the agency.

The ED's probe stems from a Central Bureau of Investigation (CBI) FIR against SOL and its former officials on charges including fraud, criminal misappropriation, and cheating. The ex-promoters allegedly diverted loan funds through sham transactions, causing a loss of over Rs 950 crore to a consortium of nine banks.

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