ED Raids Delhi and Pune Locations in ₹425 Crore PNB Bank Loan Fraud Case
ED Raids Delhi and Pune Locations in ₹425 Crore PNB Bank Loan Fraud Case
The Enforcement Directorate (ED) conducted a series of raids on Tuesday across Delhi and Pune in connection with a major ₹425 crore bank loan fraud case tied to Gupta Exim India Pvt. Ltd. (GEIPL). The operation, carried out under the Prevention of Money Laundering Act (PMLA), is part of a larger investigation into alleged financial irregularities involving Punjab National Bank (PNB), formerly known as Oriental Bank of Commerce.
According to officials, search operations were conducted at 10 locations — nine in the national capital and one in Pune. These premises are reportedly linked to the promoters and directors of GEIPL, along with their associated entities.
The case stems from an FIR initially filed by the Central Bureau of Investigation (CBI) following a complaint from Punjab National Bank. The ED’s probe builds on that complaint, focusing on how loan funds were allegedly misused and siphoned off through a web of shell companies and affiliated firms.
Investigations have so far revealed that GEIPL and its top management are suspected of diverting the ₹425 crore loan to various related parties. Many of these entities are believed to be non-functional or involved in unrelated business activities, raising serious concerns about the fraudulent use of bank credit.
During the raids, ED officials reportedly seized critical documents, financial records, and digital evidence to trace the flow of funds and identify all beneficiaries of the alleged scam. Further investigation is underway as authorities dig deeper into the financial trail left behind by Gupta Exim and its associates.
