Bhopal (Madhya Pradesh): The Enforcement Directorate (ED) conducted search operations at ten locations across Delhi and Madhya Pradesh in connection with an alleged Rs 273 crore bank fraud case on Tuesday, officials said.
A total of ten premises, including one in Bhopal, are being covered by the Delhi zone of the federal probe agency in the case against a company named Era Housing and Developers India Private Ltd. (EHDL) and its promoters.
The premises covered in the search action belong to the entities and persons closely associated with the company.
The action is being undertaken under the Prevention of Money Laundering Act (PMLA), the sources said. The ED probe stems from a CBI FIR that was filed on the allegations that the company and its promoters/directors "siphoned off" the loan funds of RS 273 crore provided by the Industrial Finance Corporation of India (IFCI). It is alleged that the loan amount was "diverted" to some related entities of EHDL who were "not engaged" in any genuine business, the ED sources alleged.
