The Enforcement Directorate (ED) conducted search operations in four states, including Gujarat, as part of an investigation into a bank fraud case amounting to Rs 900 crore involving a consortium of 9 banks.
The raids, executed under the provisions of the Prevention of Money Laundering Act (PMLA), took place on January 16 and 17 at multiple locations in Gujarat, Delhi, Haryana, and Punjab connected to M/s Sunstar Overseas Ltd (SOL).
The searches led to the seizure of Rs 1.16 crore in cash, bullion, digital devices, and other incriminating evidence. The ED’s inquiry stemmed from an FIR filed by the CBI and ACB branch in Chandigarh against M/s SOL and its former directors Rakesh Aggarwal, Rohit Aggarwal, Manik Aggarwal, Sumit Aggarwal, and others.
The charges include fraud and causing a wrongful loss of over Rs 900 crore to the consortium of 9 banks.
