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.

Real Estate

07 Jul 2026

SNN Estates Expands North Bengaluru Housing Project

SNN Estates has announced an expansion of its SNN Estates Felicity residential project in North Bengaluru following strong buyer demand, with 75 per cent of the first-phase inventory sold within three days of launch.The developer will add 76 apartments in the new phase, taking the project's estimated revenue potential to around Rs 1,000 crore upon completion of Phase 2.Spread across 6.5 acres in Rachenahalli, near Manyata Tech Park, the project comprises 604 apartments in 1.5, 2, 2.5, 3 and 4 BHK configurations. The development includes a 50,000-sq-ft clubhouse with amenities such as sports co..

SCG Drives ASEAN Industrial Transformation Strategy

SCG is strengthening its focus on ASEAN as a key growth region by advancing industrial transformation, enhancing competitiveness and building resilient regional value chains. Thammasak Sethaudom, President and Chief Executive Officer, SCG, highlighted the need for industries to continuously develop capabilities, strengthen resilience and deepen regional cooperation to achieve sustainable long-term growth.SCG views ASEAN as an important growth engine alongside China, supported by favourable demographics, trade connectivity and investment flows. With ASEAN’s GDP projected to grow by around 4.7..

EUROBOND Expands NABL Accreditation to 51 Testing Parameters

EUROBOND, the flagship brand of Euro Panel Products, has expanded the National Accreditation Board for Testing and Calibration Laboratories (NABL) accreditation of its in-house laboratory from 16 to 51 mechanical and chemical testing parameters, making it the only Indian aluminium composite panel (ACP) manufacturer with accreditation covering such an extensive testing scope.The expanded accreditation enables the company to independently test coils, coatings, cores, aluminium composite panels (ACP) and metal composite panels (MCP) in accordance with international standards, including IS, ASTM, ..