ED searches at 3 places in Rs 300cr laundering probe
Mumbai: The Enforcement Directorate (ED) carried out searches across Nashik, Kopargaon (Shirdi), and Thane regarding a Rs 300 crore money laundering investigation linked to banking fraud involving Nashik-based KGS Sugar and Infra Corporation Ltd company and its director Dinkar Bodke and associates.
The operation resulted in the seizure of Rs 70.4 lakh in cash, gold jewellery valued at Rs 1.4 crore, a luxury vehicle, and shares held in demat accounts.
The investigation stems from an FIR filed in Maharashtra's Jalna district, alleging cheating, criminal conspiracy, forgery, and criminal misconduct against KGS Sugar and Infra Corporation ltd, Bodke, and others.
According to the ED, KGS Sugar improperly acquired Rs 350 crore in bank loans from a consortium headed by Canara Bank. The agency said in a release that the funds were misappropriated through multiple round-tripping and diversions, utilising specially created entities. The diverted funds were channelled through organisations connected to civil contractors, EPC contractors, and others, disguised as legitimate business transactions.
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