ED searches 11 Kolkata locations in Kohinoor Power 290cr fraud
India
The Enforcement Directorate (ED) just searched 11 locations in Kolkata, digging into an alleged ₹290 crore bank loan fraud.
The case is all about Kohinoor Power, which took out loans to build a power plant in Jharkhand but allegedly funneled the cash elsewhere for personal and group company use.
Kohinoor Power liquidated, creditors received 7cr
Kohinoor Power ended up being liquidated, and creditors only got back ₹7 crore out of the huge loan, leaving them with big losses.
The ED's raids targeted properties linked to the company's promoters, directors, and auditors as they try to track where the money actually went.