The Enforcement Directorate (ED) has conducted searches at eight locations across Uttar Pradesh, Delhi, and Punjab as part of a money laundering investigation into an alleged ₹450 crore bank loan fraud. The operation, carried out by the ED’s Lucknow Zonal Office, targets Santosh Overseas Limited, its promoters, and associated entities. This action is being conducted under the Prevention of Money Laundering Act (PMLA).
The ED’s probe originates from a Central Bureau of Investigation (CBI) case concerning an alleged fraud involving a ₹450 crore loan obtained from a consortium of banks. Investigators allege that the loan funds were diverted and laundered through a network of shell companies, accommodation entry operators, and related entities. This was allegedly achieved through the use of fake invoices and circular financial transactions, designed to obscure the origin and destination of the funds.
Sources privy to the investigation stated that the search operations were conducted smoothly. The ED is examining whether the alleged diversion of funds constitutes money laundering under Indian law and is working to identify the ultimate beneficiaries of the funds. The investigation is ongoing, with further inquiries underway.
❤️ Support Independent Journalism
Your contribution keeps our reporting free, fearless, and accessible to everyone.
Or make a one-time donation
Secure via Razorpay • 12 monthly payments • Cancel anytime before next cycle
(We don't allow anyone to copy content. For Copyright or Use of Content related questions, visit here.)
The Chenab Times News Desk
 conducts searches at eight locations across Uttar Pradesh, Delhi, and Punjab investigating a ₹450 crore bank loan fraud and money laundering case involving Santosh Overseas Limited.){kind=link}