The Enforcement Directorate (ED) has conducted search operations at multiple premises linked to M/s Deepak Cables (India) Limited in Bengaluru in connection with an alleged bank fraud case amounting to Rs 899 crore. The searches were carried out on May 21 and May 29, targeting various locations associated with the company and its related entities.
Details of the Raids
The ED's action is part of an investigation into a massive bank fraud involving the firm. Officials stated that the searches were aimed at gathering evidence and documents related to the alleged fraudulent activities. The company is accused of defrauding a consortium of banks led by a public sector bank, causing a loss of Rs 899 crore to the banking system.
Scope of Investigation
The investigation covers several aspects, including the diversion of funds, creation of fictitious assets, and non-repayment of loans. The ED is examining financial transactions and records to trace the proceeds of the crime. Sources indicate that the raids were conducted at the company's registered office, factory premises, and residential addresses of key directors and promoters.
This case highlights the ongoing efforts by enforcement agencies to crack down on financial irregularities and bank frauds in the country. The ED is likely to file a prosecution complaint based on the findings of the searches.
