ED raids across UP, Delhi and Punjab in ₹450 crore bank fraud
ED Lucknow zonal office conducted searches across UP, Delhi and Punjab in a ₹450 crore bank fraud case involving Santosh Overseas Ltd.
Searches covered 10 locations under Section 17 of PMLA, 2002; cash and digital evidence seized.
ED seized ₹10.5 lakh cash and records of assets worth ₹75 crore belonging to promoters' family and associated entities.
Investigation follows CBI FIR based on IDBI Bank complaint; funds from a consortium of banks were allegedly diverted and siphoned off.
Probe reveals a network of shell companies and accommodation entries used to launder proceeds through fake invoices and round-tripping.
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Hindustan Times
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