CHENNAI: The Directorate of Enforcement (ED) carried out searches at over eight locations in Chennai on Tuesday, as part of a money laundering and bank loan fraud case involving a private steel company based in Gummidipoondi and Chennai.
Investigators said the firm had secured loans exceeding Rs 100 crore from a bank in multiple instalments between 2008 and 2014, but later defaulted on repayments. A probe revealed that many of the submitted documents were forged. Following a bank complaint, the CBI registered a case against the company and its officials.
The ED later uncovered suspected illegal financial transactions linked to the fraud, prompting coordinated raids. Officials targeted residential premises in Anna Nagar and Ayanavaram, including homes of individuals associated with the financial dealings under scrutiny.