ED raids three Telangana locations over alleged bank credit misuse

The Enforcement Directorate (ED) on Tuesday carried out coordinated raids at seven locations spread across three areas in Telangana as part of a money laundering probe. The action targeted Hyderabad, Secunderabad and Medchal-Malkajgiri districts in connection with alleged irregularities in loan disbursement and utilization.

According to ED officials, the investigation centers on Kanakdhara Ventures and the alleged misuse of bank credit facilities totaling ₹326.49 crore. The raids are being conducted to gather evidence and examine financial transactions related to the suspected irregularities in the sanctioning and deployment of borrowed funds.

The federal agency has been investigating complaints regarding potential violations of anti-money laundering statutes in connection with the financial dealings of the entity under scrutiny. Search operations are ongoing to uncover documents and digital records that may establish the nature and extent of the alleged financial impropriety.

This development adds to the growing list of financial investigations being pursued by central agencies across the country. Preliminary findings from the raids are expected to guide the next phase of the agency's investigation into the matter.