ED Conducts Raids in Connection with ₹190 Crore Bank Loan Fraud Case

The Enforcement Directorate has launched a series of raids across Delhi, Uttar Pradesh, and Haryana as part of an investigation into a ₹190 crore bank loan fraud case linked to Shri Siddhdata Ispat Private Limited. The searches target various individuals associated with the company, including directors and auditors. This significant action highlights the ongoing efforts to combat financial fraud in the banking sector. Stay tuned for more updates on this developing story.

By Narendra Chaudhary Jun 5, 2025, 10:38 IST

ED's Investigative Actions Across Multiple States

The Enforcement Directorate (ED) has initiated searches at various locations in Delhi, Uttar Pradesh, and Haryana on Thursday, linked to a money laundering case involving an alleged bank loan fraud amounting to ₹190 crores. Official sources have confirmed this development.

According to the sources, the investigation pertains to Shri Siddhdata Ispat Private Limited and others, who are accused of defrauding Bank of Baroda (formerly known as Dena Bank).

The ED is reportedly conducting searches at a minimum of ten locations, including areas in Ghaziabad and Noida in Uttar Pradesh, as well as Panipat in Haryana. These locations are associated with directors, promoters, partners, auditors, and other alleged conspirators involved in the ₹190 crore bank loan fraud case.

The company under scrutiny is known for manufacturing steel products. As of now, there has been no immediate response from the promoters of the company regarding the ED's actions.