Indian authorities raid 14 locations in a $600M loan fraud case involving Pratibha Industries.
The Enforcement Directorate in India has conducted raids at 14 locations in Mumbai and Delhi, targeting a Rs 4,957 crore (about $600 million) loan fraud involving Pratibha Industries Ltd and its promoter, Ajit Kulkarni. The raids, carried out under anti-money laundering laws, led to the freezing of bank accounts and mutual funds worth Rs 5.4 crore. The investigation was triggered by a complaint from Bank of Baroda, and the ED is now working to uncover the extent of the fraud and trace the funds.
January 04, 2025
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