ED Conducts Searches On GTL Infra In Rs 4,760 Cr Bank Loan Fraud Case

Enforcement Directorate (ED) has initiated searches on GTL Infra as part of a probe into a bank loan fraud case of Rs 4,760 crore. The case, initially investigated by the Central Bureau of Investigation (CBI), involves loans acquired from 24 different banks. 

In January, the CBI filed a complaint against GTL, a few unidentified bankers, and some of its directors for allegedly cheating a group of banks out of Rs 4,760 crore by using a variety of shell companies to steal bank funds.

According to the central investigation agency, the company unlawfully acquired loans from a bank consortium of about 24 lenders and then conspired with vendors and some bank employees to syphon off the majority of the loan amount.