New Delhi, June 6 (IANS) The Enforcement Directorate (ED), Delhi Zonal Office, launched a major crackdown in an ongoing money laundering investigation involving Shri Sidhdata Ispat Private Limited and associated entities.
The agency carried out search operations at 12 locations across Delhi, Ghaziabad, Noida, and Panipat under the provisions of the Prevention of Money Laundering Act (PMLA), said a statement of the ED.
The searches were conducted in connection with a large-scale bank fraud, originally registered by the Central Bureau of Investigation (CBI), ACB, New Delhi. The FIR names Shri Sidhdata Ispat Pvt Ltd and its sister concerns — Govardhan Industries Pvt Ltd, Shri Sidhdata Steel Tubes, and Shri Sudershan Tubes — as the main accused.
According to the ED, these companies were sanctioned credit facilities by the Bank of Baroda (formerly Dena Bank), which were allegedly misused. Instead of utilising the sanctioned funds for the intended purposes, the companies diverted the money to personal accounts, shell firms, and group entities. This financial misappropriation led to the accounts turning into Non-Performing Assets (NPAs), resulting in an estimated loss of around Rs 190 crore to the bank.
During the search operation, the ED seized incriminating documents, digital evidence, mobile phones, and other materials. In addition, Rs 59 lakh lying in bank accounts was frozen. The agency also identified immovable properties worth more than Rs 30 crore, believed to be linked to the proceeds of crime.
Officials indicated that these assets were acquired through diverted funds and are now under scrutiny as part of the broader money laundering probe.
The ED’s action marks a significant step in its pursuit to trace and recover laundered funds linked to corporate frauds that undermine the integrity of the banking system, said sources.
The investigation is ongoing, and further actions, including summons and arrests, may follow based on evidence gathered during the search operations.
–IANS
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