3 hrs ago
ED raids AMR India over alleged loan irregularities
The Enforcement Directorate, or ED, searched offices linked to AMR India Limited.
The searches took place in Hyderabad and other cities.
Officials were investigating suspected problems involving loans.
The loans reportedly came from financial companies based in Kolkata.
The companies allegedly did not repay the loans after completing projects.
Officials also asked about current projects and earlier repayments.
AMR India director A Mahesh Kumar Reddy and other directors were reportedly questioned.
The allegations have not been established as facts in the report.
The Enforcement Directorate raided AMR India Limited and linked companies in Hyderabad on Friday.
Similar searches were conducted in Kolkata, Bengaluru and other locations, according to the report.
AMR India Managing Director A Mahesh Kumar Reddy and other directors were reportedly questioned.
Investigators examined ongoing projects, earlier loans and repayments involving the companies.
The ED suspects loans from Kolkata-based non-banking finance companies may have been diverted without repayment.
- Who
- The Enforcement Directorate, AMR India Limited, its linked companies, Managing Director A Mahesh Kumar Reddy and other directors.
- What
- The ED conducted raids and questioned company officials over alleged loan irregularities and possible diversion of funds.
- Where
- AMR India offices and linked companies in Hyderabad, with similar raids in Kolkata, Bengaluru and other places.
- When
- Friday; the article does not provide a specific date.
- Why
- The ED was investigating allegations that loans from Kolkata-based non-banking financial companies were not repaid and may have been diverted to other firms.
Key facts
- Investigating agency
- Enforcement Directorate
- Primary company
- AMR India Limited
- Managing director
- A Mahesh Kumar Reddy
- Reported locations
- Hyderabad, Kolkata, Bengaluru and other places
- Loan sources
- Kolkata-based non-banking financial companies
- Investigative focus
- Ongoing projects, previous loans, repayments and suspected fund diversion
- Reported allegation
- Linked companies allegedly obtained large loans and failed to repay them
Sources
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