ED Conducts Searches at 11 Locations in Kolkata Over Rs 290 Crore Bank Fraud

The Enforcement Directorate (ED) on Thursday carried out searches at 11 locations across Kolkata as part of its investigation into an alleged ₹290 crore bank fraud involving Kohinoor Power Pvt Ltd. The searches began early in the morning and were conducted at properties linked to individuals under investigation. The operation was carried out in coordination with security personnel and the West Bengal Police.

According to officials, the agency searched premises associated with the company’s promoters, Prashant Bothra and Vijay Bothra, as well as other directors and auditors. Several office locations connected to the group were also covered during the operation. The ED’s investigation has so far indicated that Kohinoor Power Pvt Ltd obtained bank loans for setting up a 66 MW power project in Jharkhand. Investigators allege that a substantial portion of the borrowed funds was subsequently diverted to other companies linked to the group and used for personal purposes.

The company later entered insolvency proceedings before the National Company Law Tribunal (NCLT). Officials said that only around ₹7 crore was recovered during the liquidation process, leaving creditors with significant financial losses. The latest searches are intended to uncover additional evidence and trace the movement of funds connected to the alleged financial irregularities. The money-laundering investigation is being conducted under the provisions of the Prevention of Money Laundering Act (PMLA).

Disclaimer: This image is taken from ANI.