ED Raids Ice Cream Company Kwality Ltd. in ₹1,400 Crore Bank Fraud Case Filed with CBI
New Delhi As part of a money laundering probe into the former owners of Kwality Ltd., the now-liquidated dairy giant, the Enforcement Directorate (ED) started searching several locations in Delhi and the nearby areas on Wednesday.
On Wednesday, the Enforcement Directorate (ED) began conducting a number of searches at various sites in Delhi and the surrounding areas as part of a money laundering investigation involving the erstwhile proprietors of Kwality Ltd., the now-liquidated dairy behemoth.
According to sources, the Prevention of Money Laundering Act (PMLA) is being used to search over a dozen locations. The Central Bureau of inquiry (CBI) launched the inquiry in response to a First Information Report (FIR) it filed against Kwality Ltd. and its directors in 2020. According to the FIR, the business defrauded a group of ten institutions, including the Bank of India, resulting in losses exceeding ₹1,400 crore.
Allegations of falsifying financial reports and embezzling loan money are at the heart of the case. As part of the ongoing investigation, ED officials are focusing on the homes and workplaces of the company's former directors, promoters, and other important figures.
From Ice-Cream Pioneer to Financial Scandal Kwality Ltd., a well-known brand in the dairy sector, started off making ice cream before branching out into a variety of other milk-based goods. The investigation focuses on the company's past directors.
The ED's move demonstrates its dedication to combating financial fraud and guaranteeing responsibility in well-known cases involving significant public monies. We're waiting for further investigational updates.
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