New Delhi, Sept. 2 -- The Enforcement Directorate (ED) is conducting search operations at 10 locations -- nine in Delhi and one in Pune -- in connection with a Rs 425 crore bank fraud case against Gupta Exim India Pvt. Ltd.
The promoters and directors are accused of siphoning loans from Punjab National Bank (PNB) and diverting funds to unrelated entities.
"Search operations are going on in a bank fraud case of Gupta Exim India Private Ltd. (GEIPL) covering ten premises, nine in Delhi and one in the Pune, Maharashtra," said an ED source.
A source said the ED initiated investigation based on an FIR lodged by the CBI on the grounds of a complaint by Punjab National Bank (PNB).
The bank alleged that the company, its promoters, and directors...