The Enforcement Directorate (ED) conducted raids in Delhi and Madhya Pradesh on Tuesday in connection with a money laundering probe linked to an alleged bank loan fraud worth Rs 273 crore. The case involves Era Housing and Developers India Pvt. Ltd. (EHDL) and its promoters. According to officials, searches were carried out at 10 locations, including a premises in Bhopal, under the provisions of the Prevention of Money Laundering Act (PMLA).
The ED action is based on a CBI FIR that accused the company and its directors of misappropriating the Rs 273 crore loan sanctioned by the Industrial Finance Corporation of India (IFCI). Investigators alleged that the loan amount was diverted to EHDL’s related entities, which were not engaged in any legitimate business operations. The agency suspects that the diversion of funds was carried out to conceal the source and use of the misappropriated money.
