31 July 2024

The Enforcement Directorate (ED) recently raided locations in Maharashtra related to a bank loan fraud involving M/s. Shree Shiv Parvati Sakhar Karkhana Limited, M/s. Hitech Engineering Corporation India Pvt. Ltd., and their directors. They seized incriminating documents, digital devices, and Rs. 19.50 lakh in cash. The case, prompted by a CBI FIR, revealed that the company misused a Rs. 100 crore loan by failing to meet its Rs. 71.19 crore contribution requirement and siphoned off funds through related entities, causing financial loss to the exchequer.