ED Uncovers Multi-Crore Bank Loan Fraud: Seizes Diamonds and Cash

The Enforcement Directorate (ED) has confiscated diamond and gold jewellery worth Rs 85 lakh and Rs 25 lakh in cash in a money laundering investigation involving Bhopal-based Excel Vehicle Pvt. Ltd. The case is linked to a Rs 44 crore loss to the Bank of India due to fraudulent activities.

The Enforcement Directorate (ED) has made a significant breakthrough in a multi-crore bank loan fraud investigation, seizing diamond and gold jewellery worth Rs 85 lakh and Rs 25 lakh in cash. The operation targeted a Bhopal-based company alleged to be involved in money laundering activities.

On November 6, ED officials conducted raids at four locations linked to Excel Vehicle Pvt. Ltd., including the company's directors and an auditor. Incriminating documents and electronic devices were also recovered in the searches.

The investigation follows a CBI FIR, uncovering that Excel Vehicle diverted funds to sister entities, causing a Rs 44 crore loss to the Bank of India. The fraudulent financial maneuvering included misusing credit facilities secured under fraudulent pretenses.

(With inputs from agencies.)