Archive · 27 Jun 2025
ED Seizes Properties in Gurugram, Delhi, Faridabad Bank Fraud Case
Imagine a company called Sunstar Overseas Ltd that took a lot of money from a bank but didn't use it correctly.
The people in charge are accused of cheating and hiding the money.
The government is now taking away properties and money they think were obtained illegally.
They've already seized a large amount and arrested some people involved.
This is happening to make sure the money goes back where it belongs, and those responsible face consequences.
ED seized properties worth Rs 28.36 crore in multiple locations related to a bank fraud case.
The case involves Sunstar Overseas Ltd and others, with fraud exceeding Rs 950 crore.
Investigations were initiated based on a CBI FIR against ex-directors for fraud and related offenses.
ED discovered the laundering of loans through various entities and misuse of CIRP proceedings.
Three individuals involved in the conspiracy were arrested in July 2024.
- Who
- The Enforcement Directorate (ED) is investigating Sunstar Overseas Ltd and its ex-directors.
- What
- ED seized properties in a bank fraud case involving Sunstar Overseas Ltd.
- When
- Searches were conducted in January 2024; arrests were made in July 2024; Prosecution Complaint filed on August 29, 2024.
- Where
- Properties are located in Delhi, Gurugram, Faridabad, Sonipat, Amritsar and Greater Noida.
- Why
- To investigate bank fraud and recover laundered funds.
Company Directors
Enforcement Directorate
Allegations
Company Directors
Accused of fraud, criminal misappropriation, and cheating.
Enforcement Directorate
N/A
- Fraud Amount
- Over Rs 950 crore
- Properties Seized
- Rs 28.36 crore
- Total Value of Attached Assets
- Rs 322.55 crore
- Lead Bank
- Karur Vyasya Bank
- Arrested Individuals
- Rakesh Gulati, Paramjeet Sharma, Ajay Yadav
- Prosecution Complaint Filed
- August 29, 2024