ED Cracks Down on Alleged Rs 40 Crore Loan Fraud
The Enforcement Directorate raided multiple premises linked to a Rs 40 crore bank loan fraud involving Excel Vehicle Pvt. Ltd. and its promoters. The investigation, stemming from a 2020 CBI case, seeks to uncover the alleged money laundering and the role of related group companies.
- Country:
- India
The Enforcement Directorate conducted raids across multiple locations on Wednesday in connection with a Rs 40 crore bank loan fraud investigation against an automobile firm, according to official sources.
The probe follows the federal agency's registration of a criminal case under the Prevention of Money Laundering Act (PMLA) against Excel Vehicle Pvt. Ltd., its promoters Manju Garg and her son Rishabh Garg, along with other unidentified individuals.
The investigation originates from a June 2020 CBI FIR prompted by a complaint from the Bank of India in November 2019, accusing the company of a Rs 44.02 crore loan fraud. Raids were conducted at a property in Arera Colony and four other locations, resulting in several seizures.
(With inputs from agencies.)
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