ED raids Maharashtra firm in Rs 135 crore bank fraud; Rs 35 crore frozen, BMW seized
The Directorate of Enforcement (ED) conducted searches at six residential and commercial premises in Mumbai and Chhatrapati Sambhaji Nagar in connection with an alleged Rs 135-crore bank fraud involving Gajanan Gangamai Industries LLP (GGI LLP) and others.
During the operation, the ED froze a fixed deposit account holding USD 3.7 million, approximately Rs 35.71 crore, with Indian Bank's Singapore branch. A BMW 320LD Grand Luxury Line vehicle was also seized, along with incriminating documents and digital devices containing relevant material, the agency said.advertisement❮❯ Read Full StoryBANK FRAUD CASEThe ED investigation was initiated on the basis of an FIR and subsequent chargesheet filed by the CBI's Anti-Corruption Bureau (ACB), Pune, Maharashtra. The case alleges cheating, criminal conspiracy and criminal misconduct by GGI LLP, its partners and others.
The alleged fraud involves approximately Rs 135 crore against a consortium of banks led by Bank of India. The agency has alleged that the partners of GGI LLP, including former partner Nitin Ramchandra Jadhav and others, diverted and siphoned off the loan funds.
According to the ED investigation, GGI LLP had obtained loans from a consortium of banks led by Bank of India. The loans subsequently turned into non-performing assets (NPAs), with outstanding dues of approximately Rs 135 crore, and were declared fraudulent by the consortium banks.FUNDS ROUTED THROUGH SHELL ENTITIES
The ED said its investigation found that the loan funds were siphoned off through a complex web of round-tripping and diversion using entities allegedly incorporated for the purpose by Nitin Jadhav, a former partner of GGI LLP.
The diverted funds were subsequently routed through multiple shell entities and entry providers, followed by substantial cash withdrawals, according to the agency. The ED said this process was used to mask the movement and utilisation of the proceeds of crime.
The agency's searches resulted in the freezing of the USD 3.7 million fixed deposit, seizure of the BMW vehicle and recovery of documents and digital devices containing relevant material.- EndsPublished By: Tanu jainPublished On: Sep 11, 2026 22:50 IST
