ED raids Ramnandi Hotels across 9 locations in alleged Rs 132-crore bank fraud case
The Enforcement Directorate has raided nine locations linked to Ramnandi Hotels and Resorts Ltd in connection with a Rs 132-crore bank fraud case. The company is accused of diverting loan funds and selling mortgaged properties at undervalued prices.
Why it matters
This case highlights ongoing efforts by Indian financial regulators to combat corporate fraud and recover non-performing assets from the banking sector.
NEW DELHI: The Enforcement Directorate (ED) on Friday conducted searches at nine locations in Bihar, Haryana and Delhi in connection with an alleged bank fraud involving Ramnandi Hotels and Resorts Ltd (RHRL), Gaya. The searches were carried out under Section 17 of the Prevention of Money Laundering Act (PMLA) at six locations in Gaya, two in Gurugram and one in New Delhi, officials said.RHRL is controlled by Akhouri Gopal and his sons, Nishant and Nitesh, according to officials. The ED action follows an investigation into the alleged diversion of loan funds and suspected attempts to move properties to prevent possible attachment.During the probe, the agency found that RHRL allegedly diverted Rs 58 crore out of the Rs 85 crore disbursed by a consortium of banks led by Central Bank of India.
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