ED raids offices and residences over Rs 326-cr PNB loan diversion

Hyderabad: Enforcement Directorate officials conducted searches across seven locations in Hyderabad and Vijayawada on Friday in connection with an alleged bank fraud amounting to Rs 326 crore involving Kanakadhara Ventures Private Limited. Special agency teams dispatched from New Delhi carried out extensive raids in Secunderabad, Malkajgiri, and other parts of Hyderabad, targeting company offices and management residences.

During the search operations, officials examined bank accounts, commercial operations, and corporate loan documentations. Kanakadhara Ventures obtained a loan of Rs 326 crore from Punjab National Bank and subsequently failed to repay the amount by illegally diverting funds into secondary accounts.

Following these disclosures, the Enforcement Directorate registered cases under the Prevention of Money Laundering Act and initiated multi-location search operations. Investigators gathered documentary evidence relating to disbursed loan amounts and assets pledged to secure the substantial financial facilities.

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The Hans India