ED Raids 7 Premises Across The State Over Alleged Bank Loan Fraud
23 Oct 2026 5:12 PM IST23 Oct 2026 5:12 PM IST
The Enforcement Directorate (ED) on Friday conducted searches at seven premises across Telangana as part of a money laundering investigation into an alleged bank loan fraud involving a company under liquidation
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Hyderabad: The Enforcement Directorate (ED) on Friday conducted searches at seven premises across Telangana as part of a money laundering investigation into an alleged bank loan fraud involving a company under liquidation, agency officials said. The searches were carried out in Hyderabad, Secunderabad and Medchal-Malkajgiri district in connection with the case against Kanakadhara Ventures Pvt. Ltd. (KVPL), they said.
The company or its representative could not be reached for comment on the ED action.
It is alleged that the company, through its directors, diverted credit facilities of Rs 326.49 crore extended by a consortium of banks led by the Punjab National Bank (PNB).
ED officials said the bank guarantee and Letter of Credit (LC) facilities sanctioned to KVPL were "misutilised" and funds were "diverted" through related entities, including based on fabricated steel purchase invoices and transport documents.
Further investigation is underway.
( Source : PTI )
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