ED Conducts Raids in Maharashtra in Connection with ₹100 Crore Bank Loan Fraud Case
The Enforcement Directorate (ED) executed search operations across Maharashtra on Wednesday, targeting alleged violations of the Prevention of Money Laundering Act (PMLA), 2002. The raids were tied to a notorious bank loan fraud case implicating Shree Shiv Parvati Sakhar Karkhana Limited, Hitech Engineering Corporation India Pvt. Ltd., and their directors—Nandkumar Tasgaonkar, Sanjay Awate, and Rajendra Ingawale. The ED’s efforts extended to Mumbai, Karjat, Baramati, and Pune.
According to an official ED press release, the searches resulted in the seizure of incriminating documents, digital devices, and cash amounting to ₹19.50 lakh. The investigation initiated by the ED stemmed from an FIR lodged by the Central Bureau of Investigation (CBI), Economic Offences Wing in New Delhi. The FIR accused Shree Shiv Parvati Sakhar Karkhana Limited and its directors of falsifying accounts and fabricating documents for illicit financial gain.
"The ED’s investigation uncovered that SSPSKL secured a ₹100 crore loan from banks but did not fulfill its obligation to invest its stipulated share of ₹71.19 crore into the project. Instead, through its directors and associated companies—Tasgaonkar Construction Ltd., Tasgaonkar Industries Ltd., and Hitech Engineering Corporation India Pvt. Ltd.—a significant portion of the loan was misappropriated. This fraudulent activity resulted in substantial losses to the exchequer while benefiting the culprits," the ED said.
Original Story https://www.thehindu.com/news/cities/mumbai/ed-raids-multiple-locations-in-maharashtra-over-loan-fraud-case/article68469758.ece
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