ED raids sweep across Delhi-NCR, Punjab in probe into alleged ₹988 crore bank loan scam
by Utsav RoyOn Wednesday, the Enforcement Directorate (ED) carried out extensive raids across various locations in Delhi-NCR and Punjab in connection with an ongoing money laundering probe. The investigation is related to a suspected ₹988 crore bank loan fraud case involving irregularities in credit disbursal and alleged misappropriation of funds.
The financial probe agency conducted simultaneous searches at several business and residential premises associated with the accused entities and individuals suspected of being linked to the loan default. The ED’s action was initiated under the provisions of the Prevention of Money Laundering Act (PMLA), focusing on tracing the flow of illicit funds, identifying assets acquired through criminal proceeds, and collecting crucial evidence to support the prosecution of those involved.
Sources familiar with the matter revealed that the fraud case under investigation pertains to loans sanctioned to various companies that later defaulted on repayments, causing substantial losses to public sector banks. These entities are now under scrutiny for their financial conduct, suspected diversion of loan amounts, and the use of shell companies to launder money.
Officials from the ED confirmed that documents related to banking transactions, property ownership, digital records, and other financial evidence were seized during the search operations. These materials are expected to play a vital role in establishing the money trail and uncovering the broader network involved in the suspected fraud.
The raids are part of a wider crackdown on financial crimes and are aimed at holding accountable those exploiting the banking system for personal gain. As investigations continue, arrests or property attachments may follow depending on the evidence gathered.
This recent action underscores the agency’s commitment to tackling high-value economic offenses and reinforces efforts to curb banking frauds, which have led to significant financial strain on public institutions. The ED remains actively engaged in examining similar fraud cases across the country, emphasizing zero tolerance toward financial misconduct and money laundering.