The Enforcement Directorate (ED) has carried out raids at three textile business premises in Ahmedabad in connection with a ₹10.95 crore bank fraud case. The investigation follows complaints from the Oriental Bank of Commerce, which alleged that the companies misused loan funds. The searches, conducted under the Prevention of Money Laundering Act (PMLA), aim to uncover financial irregularities and possible diversion of funds.
The firms under raid include Shree Om Fab, Shree Baba Textile, and Shree Laxmi Fab. All three companies are reportedly owned by Ranjitkumar J. Loonia and are primarily engaged in the trading of grey cloth. Authorities allege that the companies secured loans and cash credit facilities using forged documents and diverted the funds for purposes not mentioned in their original loan applications.
The ED’s raid comes as a follow-up to a First Information Report filed by the Central Bureau of Investigation based on the bank’s complaint. Under the PMLA, misusing loan funds or committing financial fraud is a serious criminal offence that can result in asset freezes, monetary penalties, and imprisonment.
Officials confirmed that during the raids, several documents, financial records, and digital data were seized for further examination as part of the ongoing investigation.
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