ED Seizes Rs 19.50 Lakh in Maharashtra Bank Loan Fraud Case

The Enforcement Directorate seized Rs 19.50 lakh in cash following searches against a sugar factory and related entities in Maharashtra. This operation is part of a money-laundering case linked to an alleged bank loan fraud. Incriminating documents and digital devices were also confiscated during the raids.

The Enforcement Directorate (ED) announced on Wednesday that it seized Rs 19.50 lakh in cash after conducting searches against a sugar factory and other related entities in Maharashtra. This action forms part of a money-laundering case connected to an alleged bank loan fraud.

Raids were conducted at locations in Mumbai, Karjat, Baramati, and Pune, targeting Shree Shiv Parvati Sakhar Karkhana Limited, Hitech Engineering Corporation India Private Limited, and directors Nandkumar Tasgaonkar, Sanjay Awate, and Rajendra Ingawale, according to an official statement from the federal agency.

The ED reported the confiscation of incriminating documents, digital devices, and Rs 19.50 lakh in cash during these operations. The case originated from a Central Bureau of Investigation (CBI) FIR alleging that the accused entities falsified accounts and forged documents to illegally obtain a Rs 100 crore bank loan, subsequently failing to fulfill conditions and siphoning off funds through various sister concerns.

(With inputs from agencies.)