Probe Agency Raids Mumbai-Based Group In Rs 975 Crore Bank Loan Fraud Case
NDTV
The searches were undertaken against Mandhana Industries Limited (now GB Global Ltd.) and its promoters on Wednesday, the federal agency said in a statement.
Luxury cars like Mercedes Benz and Lexus, and watch brands like Rolex and Hublot apart from more than 140 bank accounts and lockers were seized after the ED raided a Mumbai-based business group in an alleged Rs 975 crore bank loan fraud linked money laundering case.
The searches were undertaken against Mandhana Industries Limited (now GB Global Ltd.) and its promoters on Wednesday, the federal agency said in a statement.
The money laundering case stems from a CBI FIR filed against the company, its directors Purushottam Mandhana, Manish Mandhana, Biharilal Mandhana and others based on a complaint filed by the Bank of Baroda for allegedly defrauding a consortium of banks to the tune of Rs 975.08 crore, according to the statement issued on Thursday.
