The Enforcement Directorate (ED) recently raided six places in Hyderabad as part of an investigation into a bank fraud involving M/s SEW Infrastructure Ltd. (SIL) and M/s Prasad & Company (Project Works) Pvt. Ltd. (PSPWPL). These companies, along with their associated groups and leaders, are accused of misusing and redirecting loan funds.
Officials reported that this financial scam resulted in significant losses for a consortium of banks. During the raids, they seized various documents showing how the funds were diverted. Property documents valued at approximately Rs 120 Crore were also confiscated. Additionally, the ED froze 33 bank accounts linked to M/s SEW Infrastructure Ltd, M/s STNL, their directors, and their family members.
