New Delhi, July 9 (UDN): The Enforcement Directorate (ED) on Thursday continued searches at multiple locations across the country as part of its investigation into an alleged multi-thousand-crore loan fraud and money laundering case linked to companies associated with industrialist Anil Ambani.
According to official sources, the raids are being carried out under the provisions of the Prevention of Money Laundering Act (PMLA) following allegations of financial irregularities in the sanction and utilisation of loans amounting to several thousand crores. The investigation is based on inputs received from regulatory and financial agencies regarding suspected diversion of funds and other alleged violations.
ED officials are examining financial records, electronic devices and business documents to trace the flow of funds and determine whether proceeds of crime were generated through the alleged transactions. The agency is also scrutinising the role of individuals and entities connected with the case.
The searches form part of an ongoing investigation, and no official statement has been issued by the ED detailing the findings of the operation so far. Representatives of the companies concerned are yet to respond publicly to the latest developments.
The probe remains at a preliminary stage, and further action will be taken based on the evidence gathered during the investigation.
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