SNE NETWORK.CHANDIGARH.
The Enforcement Directorate (ED) raided Mumbai-based Mandhana Industries Limited (now GB Global Limited) and its promoters in a money laundering case related to an alleged bank loan fraud of Rs 975 crore. Following which, in the search operation, the ED seized more than 140 bank accounts and lockers besides luxury cars like Mercedes Benz and Lexus, watch brands like Rolex and Hublot.
In a statement issued on Thursday, the ED said that Bank of Baroda lodged an FIR with the CBI against Mandhana Industries Limited for alleged fraud of Rs 975.08 crore. According to the FIR, the money laundering case came to light after registering a case against the company, its directors Purushottam Mandhana, Manish Mandhana, Biharilal Mandhana and others.
Mandhana Industries Limited and its directors entered into a criminal conspiracy to cause loss to the banks and wrongful gain to themselves by “diverting” loan funds through fraudulent transactions and circular trading. According to the ED, more than 140 bank accounts, five lockers and shares and securities worth Rs 5 crore have been seized following the search operation. Several watches from brands such as Rolex and Hublot as well as three high-end cars, including a Lexus and a Mercedes Benz, were seized during the raid.