Lavish Seizures in Rs 975 Crore Bank Loan Fraud Bust

The Enforcement Directorate seized high-end cars, luxury watches, and froze over 140 bank accounts after raiding Mandhana Industries Ltd. in connection with a Rs 975 crore bank loan fraud case. Promoters allegedly diverted loan funds through fraudulent transactions and circular trading, causing significant bank losses.

The Enforcement Directorate's recent raid has unveiled a web of luxury and deceit involving Mandhana Industries Ltd. High-end cars like Mercedes Benz and Lexus, along with luxury watches and over 140 bank accounts, were seized in connection with a Rs 975 crore bank loan fraud and money laundering case.

According to the federal agency's statement, the operation targeted Mandhana Industries Limited, now rebranded as GB Global Ltd., and its key promoters. The investigation stems from a CBI FIR, alleging that the company's directors orchestrated a massive financial scam, defrauding a consortium of banks, including the Bank of Baroda, by diverting loan funds through fraudulent transactions.

Detailed searches exposed crucial and incriminating documents, revealing the extent of the criminal conspiracy. Over 140 bank accounts and five lockers were frozen, and shares and securities worth Rs 5 crore were seized. Prominent cars and high-end watches were also confiscated as evidence of the lavish lifestyle funded by the alleged fraudulent activities.

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