ED Conducts Searches in Mumbai, Delhi In Rs 49.57 Bn Fraud Case

06 Jan 2025 CW Team

The Enforcement Directorate (ED) in Mumbai said that it conducted searches at 14 locations in Mumbai and Delhi on Thursday as part of its investigation into a Rs 49.57 billion bank fraud case against Pratibha Industries Limited, a Mumbai-based private company, and its directors. The company is into the business of TMT bars, pipes, steel, etc., and also into development of infrastructure projects. Bank accounts and mutual funds worth Rs 540 million were frozen and other incriminating evidence related to the purchase of immovable properties was seized, the central agency said. Pratibha Industries Limited and its directors allegedly hatched a criminal conspiracy to cause loss to banks and a corresponding wrongful gain to themselves by diverting loan funds through fraudulent transactions and circular trading. The account of Pratibha Industries Limited was classified as a non-performing asset on December 31, 2017, and was also declared as fraud by the consortium banks. In a statement released, the ED said its investigation has revealed that the promoters of Pratibha Industries Limited took services of various accommodation entry providers for the purpose of layering funds through the bank accounts of various bogus entities. Suspicious third-party transactions were made to divert funds to the various companies to purchase immovable assets, the ED said. The agency is further investigating the alleged irregularities.

Infrastructure Urban

13 Mar 2026

Implementation Status of Jal Jeevan Mission

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