ED raids multiple Kolkata locations in ₹290 crore bank loan fraud probe against Kohinoor Power
Kohinoor Power is said to have availed loans from banks to set up a 66 MW power plant in Jharkhand, but the loans were “siphoned off” to other group entities and for personal use
The Enforcement Directorate (ED) on Thursday carried out searches at multiple locations in Kolkata, West Bengal, as part of a money-laundering investigation linked to an alleged ₹290 crore bank-loan fraud against Kohinoor Power, according to officials.
Kohinoor Power is said to have availed loans from banks to set up a 66 MW power plant in Jharkhand, but the loans were "siphoned off" to other group entities and for personal use, the officials alleged.
According to the agency, the company approached the National Company Law Tribunal (NCLT), and only ₹7 crore could be recovered in liquidation, resulting in losses for the creditors.
The search operation began early on Thursday, covering the 11 premises of suspects linked to the case, in close coordination with the security forces and the state police.
In the search action, officials said that the premises of the group's promoters, Prashant and Vijay Bothra, along with other directors and auditors, including office premises, are being covered.
They said the searches are aimed at gathering more evidence linked to the case and to trace the money trail in the money-laundering case being probed by the federal agency under the Prevention of Money Laundering Act (PMLA).
ED raids Keralam locations in hybrid ganja smuggling case
On Thursday, the ED also conducted raids at multiple locations in Kozhikode and Palakkad districts as part of a money laundering probe related to the smuggling of hybrid ganja from Thailand, officials said.
According to ED officials, searches are being conducted at the residences of the accused persons, Abu Tahir, Harikrishnan, Jagath, and Jaisal, in the Kozhikode and Palakkad districts.
In June this year, Ernakulam Rural Police arrested a couple and seized around 18 kg of hybrid ganja, worth around ₹18 crore, from Perumbavoor.
Hybrid ganja, cultivated using hydroponic techniques, is allegedly smuggled into Keralam mainly from Thailand.
Police later arrested nine more people who were allegedly part of a racket involved in smuggling large quantities of hybrid ganja from Thailand, according to a PTI report.
Based on the police investigation, the ED recently registered a case under the Prevention of Money Laundering Act (PMLA).
ED officials said a preliminary probe revealed that the accused were allegedly involved in laundering large amounts of money generated through drug trafficking from Thailand to India.
They allegedly transferred money to Thailand through illegal channels, officials said. ED is also looking into the Foreign Exchange Management Act (FEMA) violation in the case, officials said.
(With agency inputs)