20 July 2024

Gurugram, 20 July 2024 – The Directorate of Enforcement (ED) has unveiled a major financial scandal following a series of high-profile search operations conducted on July 18, 2024. The raids targeted 16 locations across Delhi, Gurugram (Haryana), Mahendergarh (Haryana), and Jamshedpur (Jharkhand), focusing on M/s Allied Strips Limited (ASL) and its prominent figures, including promoters Gaurav Aggarwal and Mohender Aggarwal.

The investigation, initiated on the basis of a Central Bureau of Investigation (CBI) FIR, reveals a sophisticated scheme of financial fraud involving substantial sums of money. The accused, including Rao Dan Singh, MLA of Mahendragarh Constituency, and his son Akshat Singh, are alleged to have defrauded a consortium of banks led by Canara Bank, causing losses exceeding Rs. 1392.86 Crore.

The ED's operations exposed a range of fraudulent practices. These included diverting bank loans to other companies through unsecured loans and advances, writing off debts fraudulently, and falsifying financial records to disguise the illicit transfer of funds. The accused used these stolen funds to acquire assets such as land and property, further complicating the web of deceit.

The search operations yielded substantial evidence of the fraud. The ED seized cash amounting to Rs. 1.42 Crore, uncovered 32 undisclosed flats, and identified various parcels of land. Additionally, incriminating documents and multiple financial assets, including lockers and trusts linked to the accused, were confiscated.