ED Seizes Assets in Major Lakhani India Bank Fraud Scandal

The Enforcement Directorate has attached assets worth over Rs 110 crore belonging to Lakhani India and related companies in a bank loan fraud case. The investigation concerns alleged defrauding of several banks through fraudulent transactions and fund diversion, following CBI FIRs lodged in 2021 and 2023.

The Enforcement Directorate (ED) has seized assets valued at over Rs 110 crore from Lakhani India and its group companies under the anti-money laundering act. This move comes in relation to an alleged bank loan fraud case involving the misappropriation of funds and financial transgressions.

According to the ED's statement, the investigation under the Prevention of Money Laundering Act (PMLA) involves Lakhani India Limited and affiliated companies, including Lakhani Rubber Udyog Pvt Ltd and Lakhani Apparel Pvt Ltd. Promoters P D Lakhani and Suman Lakhani are also under scrutiny after CBI filed FIRs in 2021 and 2023 on charges of criminal conspiracy, cheating, and bank fraud.

The ED claims that these companies manipulated funds disbursed as business and capital loans by banks such as the Indian Overseas Bank, Punjab National Bank, and Allahabad Bank. Allegedly, these actions, under promoter directions, resulted in substantial losses to related parties, irregular loan repayments, and atypical interest payments, amounting to a fraud of Rs 162 crore. Although the accused parties were not immediately available for comment, assets including commercial plots and a farmhouse, worth over Rs 110 crore, have been provisionally attached by the ED.

(With inputs from agencies.)