Ahmedabad, Oct 8 (PTI): The Enforcement Directorate (ED) initiated searches in Ahmedabad on Wednesday as part of a money laundering probe related to a suspected bank loan fraud amounting to approximately Rs 11 crore. Officials indicated that the investigation emerged from an FIR filed by the Central Bureau of Investigation (CBI), following a complaint from the Oriental Bank of Commerce. The allegations suggest that businesses named Shree Om Fab, Shree Baba Textile, and Shree Laxmi Fab—each a proprietorship of businessman Ranjitkumar J Loonia—secured a cash credit facility from the bank using "forged" documents before "diverting" the funds.The enterprises are involved in trading gray cloth, specifically suiting and shirting fabric. Searches are being conducted at three different locations in Ahmedabad. The alleged proceeds of crime amount to Rs 10.95 crore.
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