https://www.taxtmi.com/news?id=50370 Enforcement Directorate searches under the Prevention of Money Laundering Act probe alleged illegal diversion of bank loans to group and shell companies, citing a suspected bribe nexus and significant loan approval irregularities such as back-dated credit approval memorandums, lack of due diligence and credit analysis, lending to weak entities with common addresses/directors, and inadequate documentation. The investigation is based on multiple criminal complaints and regulatory reports, including a securities regulator review showing a sharp increase in corporate lending by a group finance company, which together suggest a planned scheme to siphon public funds. en-us Thu, 24 Jul 2025 13:01:04 +0530 Thu, 24 Jul 2025 13:01:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=50370 Enforcement Directorate searches under the Prevention of Money Laundering Act probe alleged illegal diversion of bank loans to group and shell companies, citing a suspected bribe nexus and significant loan approval irregularities such as back-dated credit approval memorandums, lack of due diligence and credit analysis, lending to weak entities with common addresses/directors, and inadequate documentation. The investigation is based on multiple criminal complaints and regulatory reports, including a securities regulator review showing a sharp increase in corporate lending by a group finance company, which together suggest a planned scheme to siphon public funds. News - Thu, 24 Jul 2025 13:01:04 +0530 https://www.taxtmi.com/news?id=50370