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State News

Jun 07, 2019
7:53AM

M’rashtra: ED conducts searches in connection with Rs. 328 crore farm loan fraud

Representational PIc
In Maharashtra, the Enforcement Directorate, ED conducted searches at multiple locations yesterday in connection with an alleged 328 crore rupee farm loan fraud.

The ED raided 10 locations in Mumbai and Parbhani district as part of a criminal case filed under the Prevention of Money Laundering Act against Ratnakar Gutte, the chairman of Gangakhed Sugar and Energy Private Limited (GSEPL).

The agency said the GSEPL has fraudulently availed loans from various banks in the guise of crop loans for 8-10 thousand farmers on the basis of guarantee given by the firm.

The ED had filed a criminal case a few years ago, on the basis of an FIR lodged against GSEPL, its chairman and directors, among others.

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