Tv10punjab
National Desk
1 August
The Enforcement Directorate (ED) has summoned the chairman of a major business group on August 5 in connection with a ₹3,000 crore bank fraud and money laundering case. This action follows earlier raids conducted on July 24 at more than 50 companies and over 25 individuals linked to the case.
According to senior officials, the investigation is based on FIRs filed earlier by the CBI and data shared by institutions like the National Housing Bank, SEBI, NFRA (National Financial Reporting Authority), and Bank of Baroda. The ED claims that it has uncovered a well-planned scheme involving misuse of public funds and fraud with banks, shareholders, investors, and other financial entities.
The case also includes allegations of bribery involving officials of Yes Bank, including its promoter. Early findings suggest that between 2017 and 2019, loans worth around ₹3,000 crore were illegally diverted from Yes Bank.
The ED is currently questioning various individuals and examining documents to trace how the money was moved and misused. This investigation is part of a larger crackdown on financial crimes involving large corporations and top executives in India.