
On July 18, the Enforcement Directorate (ED) raided several locations linked to Haryana Congress MLA Rao Dan Singh. This action is part of an investigation into a money laundering case involving an alleged bank loan fraud of Rs 1,392 crore.

Officials said the ED searched about 15 places in Mahendragarh, Bahadurgarh, and Gurugram in Haryana, as well as in Delhi and Jamshedpur. The locations included the home of the 65-year-old MLA from Mahendragarh, his son Akshat Singh, a company called Allied Strips Limited (ASL), and its promoters Mohinder Agrawal and Gaurav Agrawal.
ASL is a company that makes cold roll steel products. The company is accused of being involved in a large bank loan fraud and was investigated by the Central Bureau of Investigation (CBI) in 2022. According to the allegations, Rao Dan Singh’s family and their companies borrowed money from ASL but never paid it back, leading to the loans being written off as losses.
The investigation started after Canara Bank, which led a group of five banks that lent money to ASL, filed a complaint. ASL began delaying payments of interest and loan installments in November 2012. The banks restructured the loans in December 2013 to help ASL, but the company still failed to pay, and the loans were classified as non-performing assets.
Canara Bank said to be having a very good compliance mechanism. How this type of incidents happened. Why the management has not initiated action on the compliance reported officials and the staff worked during that time?