4 hrs ago
ED Raids Mumbai, Chhatrapati Sambhajinagar in ₹135-Crore Fraud Case
The Enforcement Directorate investigated a suspected bank fraud case involving Gajanan Gangamai Industries LLP and others.
It searched six locations in Mumbai and Chhatrapati Sambhajinagar.
The loans involved were worth about ₹135 crore and had not been repaid.
The agency said the banks later classified the accounts as fraudulent.
It froze a Singapore bank deposit worth about ₹35.71 crore.
It also seized a BMW car, documents and digital devices.
Investigators allege that some loan money was moved through shell companies.
The case is being investigated under India’s money-laundering law.
The Enforcement Directorate searched six residential and commercial premises in Mumbai and Chhatrapati Sambhajinagar.
The searches concerned alleged bank fraud involving Gajanan Gangamai Industries LLP and others, with outstanding dues of about ₹135 crore.
The ED froze a Singapore fixed deposit containing $3.7 million, valued at approximately ₹35.71 crore.
Officials seized a BMW 320LD Grand Luxury Line, documents and digital devices during the searches.
The agency alleges that loan funds were diverted through shell entities and withdrawn substantially in cash.
- Who
- The Enforcement Directorate investigated Gajanan Gangamai Industries LLP, its partners and others.
- What
- The agency conducted searches, froze a Singapore fixed deposit and seized a BMW vehicle and investigation materials in an alleged ₹135-crore bank fraud case.
- Where
- Six residential and commercial premises in Mumbai and Chhatrapati Sambhajinagar were searched; the frozen deposit was held with Indian Bank’s Singapore branch.
- When
- The searches were reported on September 11, 2026.
- Why
- The searches followed a CBI FIR and chargesheet alleging cheating, criminal conspiracy and criminal misconduct, and investigated the alleged diversion of loan funds.
Key facts
- Investigating agency
- Enforcement Directorate, Mumbai Zonal Office-II
- Law invoked
- Prevention of Money Laundering Act
- Loan exposure
- Approximately ₹135 crore in outstanding dues
- Frozen asset
- Singapore fixed deposit containing $3.7 million, approximately ₹35.71 crore
- Seized vehicle
- BMW 320LD Grand Luxury Line
- Search locations
- Six residential and commercial premises in Mumbai and Chhatrapati Sambhajinagar
- Underlying case
- CBI allegations of cheating, criminal conspiracy and criminal misconduct
Sources
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