ED raids Kanakadhara Ventures Pvt Ltd over alleged 326.49cr fraud
The Enforcement Directorate (ED) just searched seven spots across Hyderabad, Secunderabad, and Medchal-Malkajgiri. They're investigating Kanakadhara Ventures Pvt Ltd (KVPL) and its directors for allegedly pulling off a huge ₹326.49 crore bank fraud.
The raids covered the registered office of KVPL, directors' homes, and properties tied to people suspected of helping move the money around.
KVPL accused of defrauding PNB-led banks
KVPL is under fire for reportedly tricking a group of banks led by Punjab National Bank using fake documents, like steel purchase invoices and transport records.
They're also accused of misusing bank guarantees and secretly running unauthorized accounts to shift funds out of sight.
ED seizes 15L cash and devices
During the searches, officials seized ₹15 lakh in unaccounted cash, plus digital devices and paperwork linked to the alleged scam.
The investigation is ongoing, with more properties and investments now under scrutiny.