ED Conducts Raids in Two Separate Loan Fraud Cases Across Multiple Locations

New Delhi, September 11 (Daily Kiran) : The Enforcement Directorate (ED) is currently executing search operations linked to two distinct loan fraud cases. On September 11, the ED’s Patna zone launched an investigation into Ramnandi Hotels and Resorts Limited (RHHRL) in Gaya, Bihar, under Section 17 of the Prevention of Money Laundering Act (PMLA). The company is controlled by Mr. Akhauri Gopal and his sons, Nishant and Nitesh.

The ED is conducting searches at nine locations: six in Gaya, two in Gurugram, and one in New Delhi. In a related case, the ED’s Kolkata zonal office is also carrying out searches at three locations.

Investigations revealed that RHHRL misappropriated ₹58 crore of an ₹85 crore loan obtained from a consortium of banks led by the Central Bank of India. This amount was secured based on a fraudulent project completion report provided by their chartered accountant. Personal guarantees from Akhauri Gopal and his family members were given to the banks as collateral.

Additionally, five properties were mortgaged to Tata Motors Limited against outstanding dues from a related company. Despite being mortgaged, these properties were sold at a significantly low price, with the sale deed indicating cash payments.

Concerns have arisen that some buyers may be low-income individuals unable to afford such large sums, suggesting they could be proxies for Akhauri Gopal. This sale appears aimed at concealing assets to prevent stringent actions by the ED. According to the CBI’s charge sheet, the profits from the crime are estimated at approximately ₹131.79 crore (NPA value).

Meanwhile, the Kolkata zonal office of the ED is investigating the ARSS Group (Odisha) and AMR/AMRL Group under PMLA regulations. Individuals connected to the ARSS Group include former promoters and directors, such as Anil Agarwal, Rajesh Agarwal, Sunil Agarwal, and Subhash Agarwal. The AMR/AMRL Group is linked to promoter Mahesh Kumar Reddy Althuru.

These searches are part of a broader investigation into alleged fraudulent loans and irregularities associated with SREI Infrastructure Finance Limited (SIFL) and SREI Equipment Finance Limited (SEFL). The inquiry includes suspicions of fund mismanagement, including “evergreening,” misallocation of funds, and round-tripping.