New Delhi, 03 September (H.S.): The Enforcement Directorate (ED) has conducted searches at 11 locations in Kolkata in connection with a Rs 290 crore bank fraud case linked to Kohinoor Power Private Limited. The searches covered premises associated with the company’s promoters, Prashant Bothra and Vijay Bothra, as well as other directors and auditors of the group.

According to the ED, Kohinoor Power Private Limited had obtained loans from banks for a 66 MW power plant in Jharkhand. The company is alleged to have diverted the loan proceeds to other companies within the group and for personal use.

The company subsequently entered insolvency proceedings before the National Company Law Tribunal (NCLT). During the liquidation process, the banks were able to recover only around Rs 7 crore, resulting in substantial losses for the lenders.

The ED said that the ongoing searches by its Kolkata Zonal Office are covering the premises of group promoters Prashant Bothra and Vijay Bothra, along with locations linked to other directors and auditors. The premises being searched also include relevant office establishments.

The agency’s action is part of its investigation into the alleged diversion and movement of loan funds in connection with the bank fraud case. The searches are aimed at gathering further evidence regarding the alleged misuse of the borrowed funds and tracing their subsequent flow.

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Hindusthan Samachar / Jun Sarkar