ED Raids Mumbai, Chhatrapati Sambhajinagar In ₹135-Crore Bank Fraud Case; Freezes ₹35.71 Crore Singapore FD, Seizes BMW 320LD
Mumbai, September 11, 2026: The Enforcement Directorate (ED) has conducted searches at six residential and commercial premises in Mumbai and Chhatrapati Sambhajinagar in connection with a bank fraud case involving Gajanan Gangamai Industries LLP (GGI LLP) and others, the central agency said on Friday. During the searches, the ED froze a fixed deposit account maintained with the Singapore branch…
The Enforcement Directorate (ED) conducted searches at six locations in Mumbai and Chhatrapati Sambhajinagar on September 11, 2026, as part of an investigation into a ₹135-crore bank fraud case involving Gajanan Gangamai Industries LLP (GGI LLP) and associated entities. The ED froze a USD 3.7 million fixed deposit with the Singapore branch of Indian Bank, equivalent to roughly Rs 35.71 crore.
Additionally, the agency seized a BMW 320LD Grand Luxury Line vehicle and seized documents and digital devices relevant to the investigation. The ED's probe, conducted under the Prevention of Money Laundering Act (PMLA), is based on a CBI FIR and chargesheet alleging cheating, criminal conspiracy, and criminal misconduct by GGI LLP, its partners, and others.
GGI LLP had taken out loans from the Bank of India, which later turned into non-performing assets with outstanding dues of around Rs 135 crore. The diverted funds were allegedly routed through a network of shell entities before substantial amounts were withdrawn in cash, according to the ED.
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