Major Money Laundering Scandal Hits Maharashtra's Dairy Industry

The Enforcement Directorate raided multiple locations in Maharashtra related to a money laundering case against a dairy and agro company. Anand Satish Lokhande and others are accused of defrauding investors of over Rs 100 crore by misrepresenting their companies' profitability and diverting funds through various accounts.

The Enforcement Directorate (ED) launched a series of raids across Maharashtra on Wednesday, targeting sites linked to a money laundering investigation involving a dairy and agro company.

The operation focused on two Baramati premises, another in Indapur, and two in Pune city, all associated with Anand Satish Lokhande, the promoter of Vidyanand Dairy Pvt. Ltd. and Vidyanand Agro Feed Pvt. Ltd.

Authorities allege Lokhande and his family misled investors with false profit projections. Despite securing over Rs 100 crore, the funds were not employed as promised, instead being funneled through various accounts, leading to a fraud totaling Rs 108.30 crore.

(With inputs from agencies.)