After registering a case against Bharat Infra Export and Imports Limited under the Prevention of Money Laundering Act (PMLA) on allegations of fraud, the Enforcement Directorate raided 7 locations related to the company in Bangalore and Davangere. Meanwhile, Rs. 100 crores. The ED said that immovable assets of value have been found and bank accounts of the organization have been seized. Bharat Infra Export and Imports Limited had taken a loan of over 113 crores in various forms from a nationalized bank in Bangalore. However, in 2017, the company’s account was declared a non-performing asset (NPA) due to non-repayment on time. It was found that 113.38 crores was retained. Bank officials had registered a case in this regard. In this case, the defrauded company misused the loan received from the bank and invested this money elsewhere. It is known that fake documents have been created and submitted to the bank that the company has used to hide it. 101 crore during ED investigation. 10 through letter of credit to Aradhya Wire Ropes Pvt. It is known that money has been transacted through many bank accounts. Also, on some occasions, payments were made on behalf of transport contractors and middlemen who issued fake vehicle details and invoices to these 2 companies, ED said.
