The Enforcement Directorate intensified its investigation into an alleged 290-crore rupee bank loan fraud involving Kohinoor Power Private Limited on Friday.
Officials conducted fresh raids at multiple locations across West Bengal, including Howrah, Uttarpara, Lake Town, and Asansol.
Investigators targeted premises associated with the company’s chartered accountant and other key business associates.
Law enforcement teams seized financial records, digital hard drives, and electronic devices during the operation to trace the diverted funds.
The case involves loans worth 290 crore rupees obtained from a consortium of banks to build a power plant in Jharkhand.
A consortium led by the Bank of Baroda sanctioned the substantial credit facilities between 2008 and 2013.
The company promised to construct a 66-megawatt coal-based thermal power plant in Kuchidih village near Jamshedpur.
Investigators allege the promoters diverted substantial loan portions through more than 100 shell companies instead of constructing the facility.
The promoters used the diverted capital to purchase private real estate properties and cover personal expenses.
Company officials misled lending institutions using forged documents, false declarations, and manipulated accounts to hide the money trail.
Promoters Vijay Bothra and Prashant Bothra acquired properties in Kolkata that generated 26 lakh rupees in monthly rent.
The Bank of Baroda classified the defaulted loan account as a non-performing asset in 2015.
The National Company Law Tribunal ordered the liquidation of the failed firm in 2019.
Lenders recovered only seven crore rupees through liquidation, suffering a loss exceeding 97.5 percent.
The Kohinoor Group had originally signed an agreement with the Jharkhand government in 2005.
The company abandoned its industrial facility and locked its corporate offices years ago.
Federal agents previously raided twelve Kolkata locations linked to company directors and auditors in September 2016.
Investigators are currently examining all seized digital evidence to establish money laundering charges.
🌐 Stay Connected with The Avenue Mail
Get the latest news and breaking updates delivered instantly to your feed.
🟢Join our WhatsApp Group: Click here to join
📢 The Avenue Mail: Your trusted source for real-time news.
