The Enforcement Directorate (ED) has arrested Purushottam Chhaganlal Mandhana, the former chairman and managing director of Mandhana Industries, in a bank fraud case involving Rs 975 crore. Recently, the ED conducted raids at 12 locations in Mumbai related to this case. Shares worth Rs 5 crore, security deposits, bank accounts, and lockers were frozen. The ED stated that vehicles and expensive watches were also seized during this operation.
According to the information received, the ED is investigating this case based on cases registered by the CBI against Mandhana Industries, Purushottam Mandhana, Manish Mandhana, Biharilal Mandhana, and others. A complaint of fraud involving Rs 975 crore was filed by a group of banks led by Bank of Baroda. It is alleged that the proceeds of the crime were diverted elsewhere. In this case, the ED arrested Purushottam Mandhana on Thursday. This action was taken under the PMLA Act. Following this, he was presented in the PMLA court on Friday, and the court sent him to ED custody for six days.
In this case, the ED conducted search operations on June 27 and July 5. During the search operation, several important documents, including property documents, were seized. More than 140 bank accounts, five lockers, and deposits worth Rs 5 crore have been frozen during this action. The ED seized expensive cars like Mercedes and Lexus, as well as several luxury watches, including Rolex and Hublot. Additionally, the ED also seized jewelry worth Rs 3 crore.