Daijiworld Media Network - Kolkata
Kolkata, Sep 3: The Enforcement Directorate (ED) on Thursday conducted search operations at multiple locations in Kolkata as part of a money-laundering investigation linked to an alleged Rs 290-crore bank-loan fraud by a private company.
Officials of the central investigation agency said the company had availed loans from banks to set up a 66-MW power plant in Jharkhand. However, the loan funds were allegedly “siphoned off” to other group entities and diverted for personal use.
According to the ED, the company subsequently approached the National Company Law Tribunal (NCLT), but only Rs 7 crore could be recovered during liquidation, resulting in losses for the creditors.
The search operation began early Thursday and covered 11 premises linked to suspects in the case. The action was carried out in close coordination with central security forces and the state police.
Officials said the premises of group promoters Prashant and Vijay Bothra, along with those of other directors and auditors, including office premises, were being searched.
The searches are aimed at gathering further evidence and tracing the money trail in the money-laundering case, which is being investigated under the Prevention of Money Laundering Act (PMLA), 2002.
On Wednesday, ED officials had conducted a surprise search at a multi-storey residence in central Kolkata’s Shakespeare Sarani in connection with a multi-crore corruption case involving a toll plaza. Simultaneous searches were also carried out in seven other states.
ED sources said the agency was conducting raids at 14 locations across West Bengal, Uttar Pradesh, Madhya Pradesh, Maharashtra and Rajasthan based on a complaint filed in Lucknow.
According to the sources, the allegations relate to corruption involving national highway toll plazas. The investigation revealed that money was allegedly collected after issuing fake receipts and was also strategically removed from toll booths.
The sources said government ledgers at the toll plazas contained no record of such payments.