Mumbai, September 11, 2026: The Enforcement Directorate (ED) has conducted searches at six residential and commercial premises in Mumbai and Chhatrapati Sambhajinagar in connection with a bank fraud case involving Gajanan Gangamai Industries LLP (GGI LLP) and others, the central agency said on Friday.
During the searches, the ED froze a fixed deposit account maintained with the Singapore branch of Indian Bank, containing USD 3.7 million, equivalent to approximately Rs 35.71 crore. The agency also seized a BMW 320LD Grand Luxury Line vehicle, along with incriminating documents and digital devices containing material relevant to the investigation.
Searches Conducted Under PMLA
The searches were conducted by the ED’s Mumbai Zonal Office-II under the provisions of the Prevention of Money Laundering Act (PMLA). The agency’s investigation is based on an FIR and subsequent chargesheet filed by the CBI’s Anti-Corruption Branch, Pune, alleging cheating, criminal conspiracy and criminal misconduct by GGI LLP, its partners and others.
Loans Turned Into NPAs
According to the ED, GGI LLP had obtained loans from a consortium of banks led by the Bank of India. The loans subsequently turned into non-performing assets (NPAs), with outstanding dues of around Rs 135 crore. The consortium banks later declared the accounts fraudulent, according to the agency.
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Funds Allegedly Siphoned Off
The ED has alleged that the loan funds were subsequently diverted and siphoned off through a network of entities allegedly set up for the purpose. According to the agency, the diverted funds were routed through multiple shell entities and alleged entry providers through a series of transactions before substantial amounts were withdrawn in cash. The agency suspects that the transactions were intended to conceal the movement and utilisation of the alleged proceeds of crime.
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