The case pertains to Shri Sidhdata Ispat Private Limited and others in which Bank of Baroda (former Dena Bank) is claimed to have been defrauded.
New Delhi: The Enforcement Directorate (ED) on Thursday carried out raids at multiple locations across Delhi-NCR, Uttar Pradesh, and Haryana in connection with a ₹190 crore bank loan fraud case involving Shri Sidhdata Ispat Private Limited.
According to official sources, the searches were conducted at 10 premises in Delhi, Ghaziabad, Noida, and Panipat. These sites are linked to the company’s directors, promoters, partners, auditors, and other individuals allegedly involved in the financial irregularities.
The probe is based on allegations that the company defrauded the Bank of Baroda (formerly Dena Bank) by misusing sanctioned loans. Shri Sidhdata Ispat Private Limited is engaged in the manufacturing of cold and hot rolled steel products.
The ED is investigating the matter under the Prevention of Money Laundering Act (PMLA). The promoters and company representatives have not yet issued a public statement or response regarding the searches.
The investigation aims to uncover the money trail and identify how the sanctioned funds were diverted, amid suspicions of a wider conspiracy involving multiple individuals.
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