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ED arrests MD of Mumbai-based steel, power company’s MD in money laundering case linked to bank loan fraud
Updated On: 31 August, 2023 04:18 PM IST | Mumbai | mid-day online correspondent
The Enforcement Directorate stated that in their probe they found that the Mumbai-based company caused wrongful loss of Rs 63.10 crore to IDBI Bank by committing fraud and generated proceeds to a tune of Rs 3,000 crore
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The Enforcement Directorate (ED) on Thursday said that it has arrested the promoter and managing director of a Mumbai-registered steel and power company in a money laundering case. The probe agency, according to the PTI report, stated that the money laundering case is linked to an alleged bank fraud.
The report by news agency PTI citing ED officials said that Abhay Narendra Lodha was taken into custody on Wednesday and that a special Prevention of Money Laundering Act (PMLA) court had sent him to ED custody till September 8.
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