Enforcement Directorate raids Telangana firms in ₹326 crore bank fraud case

The Enforcement Directorate (ED) conducted search operations at seven premises across Hyderabad, Secunderabad, and Medchal-Malkajgiri in Telangana. The raids targeted the registered office of Kanakadhara Ventures Pvt. Ltd. (KVPL), the residences of its directors, and properties of entities allegedly used as conduits to divert bank funds.

The investigation follows a 2022 FIR registered by the Central Bureau of Investigation (CBI) in Bengaluru, based on a complaint from Punjab National Bank (PNB). The case involves an alleged fraud against a consortium of banks led by PNB, which includes IDBI Bank, Union Bank of India, Andhra Bank, and Bank of Baroda, resulting in an estimated loss of ₹326.49 crore.

According to the ED, KVPL misused bank guarantee and letter of credit facilities, diverting funds through related entities using fabricated steel purchase invoices and transport documents. The company also allegedly operated bank accounts outside the consortium arrangement without the lenders' knowledge. During the searches, officials seized digital devices, incriminating documents, and ₹15 lakh in unaccounted cash.