ED conducts searches in 4 states, including Gujarat in Rs 900 crore bank fraud case

Ahmedabad: The Enforcement Directorate (ED) conducted search operations in four states, including Gujarat, in connection with a bank fraud case amounting to Rs 900 crore.

The central agency in a statement said, ” ED has carried out search operations on 16.01.2024 and 17.01.2024 at 21 locations in Delhi, Haryana, Punjab and Gujarat connected with a bank fraud committed by M/s Sunstar Overseas Limited (SOL) and others under the provisions of the PMLA, 2002. During the search operations, cash amounting to Rs. 1.16 Crore, Bullion, digital devices and other various incriminating evidences have been recovered and seized.”

ED initiated investigation on the basis of FIR registered by CBI, ACB, Chandigarh against M/s SOL, its ex-directors namely Rakesh Aggarwal, Rohit Aggarwal, Manik Aggarwal, Sumit Aggarwal and others under various sections of IPC, 1860 for committing fraud, criminal misappropriation, criminal breach of trust, cheating and causing wrongful loss of more than Rs.
900 Crore to the consortium of 9 banks, said ED in a statement. DeshGujarat