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The Enforcement Directorate on Wednesday carried out searches at three locations in Ahmedabad, Gujarat, in connection with a ₹10.95 crore bank fraud case, officials said.
The operations were conducted by the agency’s Ahmedabad zonal office under the provisions of the Prevention of Money Laundering Act, 2002. The case is based on an FIR registered by the Central Bureau of Investigation following a complaint filed by the Oriental Bank of Commerce.
Sources said investigations have revealed that three firms – Shree Om Fab, Shree Baba Textile, and Shree Laxmi Fab, all proprietorship concerns owned by Ranjitkumar J. Loonia and engaged in trading grey cloth – had availed cash credit facilities using forged documents. The sanctioned funds were allegedly diverted for purposes other than those declared in the loan applications.
The agency has pegged the proceeds of crime in the case at around ₹10.95 crore.
Published – October 08, 2025 10:09 pm IST
