The Enforcement Directorate (ED) on Tuesday conducted simultaneous raids at 17 locations in Maharashtra and Delhi as part of its investigation into the loan scam linked to Yes Bank. The action has been taken on premises belonging to three private companies, their promoters, directors, employees and a former Yes Bank employee. At present the investigation is going on. The raids were conducted in Mumbai, Khandala and Delhi. The institutions taken action include Suraksha Asset Reconstruction Company Limited (SARCL), Suraksha Realty Limited and Khyati Realtors Private Limited, among others.
This action of ED is being taken in the case related to fake loan assignment of Yes Bank. It is alleged that loans of Macstar Marketing Private Limited and other companies were wrongly transferred during the financial years 2016-17 and 2017-18.
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Allegations of circular transactions and money laundering
ED Mumbai Zonal Office-1 is investigating this entire matter. The agency says that the purpose of the raid is to collect evidence related to money laundering. The investigation is also revealing that stressed assets were wrongfully acquired by collusion between Asset Reconstruction Companies (ARCs) and Yes Bank. The allegation is also that the properties were wrongly valued in the auction process, fake claims were made and transparency in the NCLT proceedings was affected.
At present, no official response has been given by the concerned companies on this entire matter. ED says that the investigation is still going on and there may be more big revelations in this alleged bank scam in the coming days.
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