Former CMD of Mandhana Industries Arrested in Rs 975 Crore Bank Fraud Case

The Enforcement Directorate (ED) has arrested Purushottam Chhaganlal Mandhana, former chairman and managing director of Mandhana Industries Limited, in connection with a money laundering probe into an alleged Rs 975 crore bank loan fraud. Mandhana was remanded to six days in ED custody by a special PMLA court in Mumbai.

The Enforcement Directorate (ED) arrested Purushottam Chhaganlal Mandhana, former chairman and managing director of Mandhana Industries Limited, as part of a money laundering investigation concerning a bank loan fraud surpassing Rs 975 crore.

Purushottam Mandhana, alongside other directors, allegedly orchestrated a scheme to defraud banks by diverting loan funds through complex fraudulent transactions. Arrested on Thursday, Mandhana was presented before a special PMLA court in Mumbai, which granted the ED six days of custody.

The ED's probe ties back to a CBI FIR initiated against Mandhana Industries and its directors upon a complaint by the Bank of Baroda regarding the massive financial scam. During multiple searches, the ED seized assets including gold jewelry and luxury cars.