Ahmedabad, Oct 8 (PTI) The Enforcement Directorate on Wednesday conducted searches in the city as part of a money laundering investigation into an alleged bank loan fraud case of about Rs 11 crore, officials said.
The case stems from a CBI FIR that was registered on the complaint of the Oriental Bank of Commerce. It was alleged that companies named Shree Om Fab, Shree Baba Textile and Shree Laxmi Fab, all proprietorship concerns of a businessman named Ranjitkumar J Loonia, availed cash credit facility from the bank on the basis of “forged” documents and later “diverted” the funds, the officials said.
The companies are engaged in the business of trading of gray cloth (suiting and shirting cloth). A total of three premises in Ahmedabad are being searched, they said.
The alleged proceeds of crime in the case is Rs 10.95 crore, the officials said. PTI NES DV DV
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