Ahmedabad: The Directorate of Enforcement (ED) Chandigarh Zonal Office conducted search operations on November 5, 2024, at 11 locations across Chandigarh, Baddi (HP), Panchkula (Haryana), Mohali, Amritsar (Punjab), Delhi, and Ahmedabad (Gujarat).

The searches were part of investigations into two bank fraud cases involving Guglani group companies—M/s Super Multicolour Printers Pvt. Ltd. and M/s Dunn Foods Pvt. Ltd.—which reportedly caused wrongful losses of ₹125.40 crore and ₹53.88 crore, respectively. The investigation targets the companies’ directors and promoters, Sunil and Suman Guglani, among others. The companies are involved in multicolor offset printing and computer stationery.

The ED initiated the investigation based on FIRs registered by the CBI against M/s Super Multicolour Printers Pvt. Ltd., M/s Dunn Foods Pvt. Ltd., and their directors and promoters, Sunil and Suman Guglani, for causing a wilful loss totaling ₹179.28 crore to a consortium of banks, including PNB, Canara Bank, SBI, ICICI, and the Central Bank of India.

The companies allegedly used forged documents and fraudulently inflated financial results to secure loans from the consortium banks, which were later diverted to their own group companies such as M/s Shivek Labs Limited, M/s Super Healthcare, M/s Sky Blue Papers, M/s York Polymer, and other shell companies through sham sale/purchase transactions.

During the searches, the ED found several new bank accounts, seized ₹3 lakh in cash, and collected incriminating documents and digital evidence. Further investigations are underway. DeshGujarat