ED conducts raids in Uttar Pradesh, Delhi and Punjab in ₹450-crore bank loan 'fraud'
The Enforcement Directorate has conducted raids across Uttar Pradesh, Delhi, and Punjab as part of a money-laundering investigation into a 450-crore bank loan fraud. The probe targets Santosh Overseas Limited and its promoters for allegedly diverting loan funds through shell companies.
Why it matters
This investigation represents a significant effort by Indian financial authorities to combat corporate fraud and money laundering.
“The Enforcement Directorate (ED) on Friday (July 24, 2026) conducted raids in Uttar Pradesh, Delhi and Punjab as part of a money-laundering investigation into a ₹450-crore bank loan fraud case,” officials said.
They said the Lucknow zonal office of the Central agency raided eight premises in the national Capital and the two States as part of the probe against a company identified as Santosh Overseas Limited, its promoters and linked entities.
The action was conducted under the Prevention of Money Laundering Act (PMLA). “The ED probe stems from a Central Bureau of Investigation (CBI) case relating to an alleged fraud involving a ₹450 crore loan availed from a consortium of banks,” the officials said.
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