Enforcement raids target former Kwality Ltd directors in a $193 million bank loan fraud case.
The Enforcement Directorate (ED) conducted raids in Delhi on November 27 as part of an investigation into a major bank loan fraud case involving Kwality Ltd, a former dairy firm. The case, supported by a 2020 CBI FIR, accuses the company of deceiving a bank consortium led by the Bank of India in a fraud estimated at ₹1,400 crore ($193 million). The raids targeted locations linked to former company promoters and directors under the Prevention of Money Laundering Act.
November 27, 2024
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