ED Raids Multiple Locations in Kolkata in Rs 290 Crore Bank Loan Fraud Case Against Kohinoor Power
Officials said the probe centers on alleged diversion of Rs 290 crore in bank loans and only Rs 7 crore recovered in liquidation.
- On Thursday, the Enforcement Directorate conducted searches at 11 premises in Kolkata, West Bengal, in connection with a Rs 290 crore bank fraud investigation involving Kohinoor Power Pvt Ltd.
- Officials allege Kohinoor Power obtained bank loans to construct a 66 MW power plant in Jharkhand, but funds were "siphoned off" to other group entities and personal accounts.
- The agency targeted premises of promoters Prashant Bothra and Vijay Bothra, along with other directors and auditors, under the Prevention of Money Laundering Act.
- Following insolvency proceedings via the National Company Law Tribunal , only Rs 7 crore was recovered during liquidation, resulting in substantial losses to creditors.
- Investigators are gathering evidence to trace the money trail as the federal agency continues probing the alleged diversion and laundering of loan proceeds.
15 Articles
15 Articles
Rs 290-crore bank fraud: ED searches 11 locations in Bengal, Jharkhand
According to ED, a private company had taken a bank loan of Rs 290 crore under the pretext of building a 66 MW power plant in Jharkhand and allegedly diverted the money to the accounts of fake companies.
ED raids 11 Kolkata locations in Kohinoor Power fraud case
Kolkata: The Enforcement Directorate (ED) on September 3, launched a major search operation across 11 premises in Kolkata in connection with an alleged Rs 290 crore bank fraud involving Kohinoor Power Pvt Ltd, intensifying its probe into the suspected diversion and laundering of borrowed funds. The searches began early September 3, and were carried out in coordination with security forces and the West Bengal Police. The premises being searched i…
Kohinoor Power Private Limited had borrowed ₹290 crore from banks for a 66-megawatt power plant in Jharkhand. This money was diverted to other group companies.
aninews.in
LatestlyED raids 11 places in Kolkata in Rs 290 crore bank fraud case
The Enforcement Directorate (ED) on Thursday conducted searches at 11 premises in West Bengal's capital Kolkata in connection with a Rs 290 crore bank fraud case against Kohinoor Power Pvt Ltd.
The Economic Times
Times of IndiaED raids multiple locations in Kolkata in Rs 290 crore bank loan fraud case against Kohinoor Power
The Enforcement Directorate conducted searches across multiple Kolkata locations on Thursday. This action is part of a money laundering investigation into an alleged Rs 290 crore bank loan fraud. The probe targets Kohinoor Power, accused of siphoning off loans meant for a power plant. The company faced liquidation at NCLT, recovering only Rs 7 crore for creditors. Searches covered eleven premises belonging to promoters, directors, and auditors.
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