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of <h1>ED probes Rs 637 crore alleged bank loan fraud under PMLA, alleges promoter siphoned funds via shell companies</h1> The Enforcement Directorate conducted searches in Tamil Nadu, West Bengal and Goa under the Prevention of Money Laundering Act in a probe concerning a Chennai-based company and its promoter over an alleged Rs 637 crore bank loan fraud that originated from a 2016 CIB FIR and was registered as a money-laundering case in July 2021. Investigators examined annual reports, audited financials and 294 bank accounts, preparing a detailed money trail that, according to officials, indicates bank funds were siphoned off through shell entities controlled by the promoters.
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