New Delhi, July 18 : The Enforcement Directorate (ED) has conducted searches at multiple locations linked to Haryana Congress MLA Rao Dan Singh, his family, and a metal fabricating company in connection with a major loan fraud investigation. The operation, which began early today, spans approximately 15 locations across Mahendragarh, Bahadurgarh, Gurugram in Haryana, Delhi, and Jamshedpur.
Among the properties searched are those belonging to the 65-year-old MLA from Mahendragarh constituency, his son Akshat Singh, and the metal fabricating company Allied Strips Limited (ASL). The search also targeted ASL’s promoters, including Mohinder Agrawal, Gaurav Agrawal, and other associates.
ASL, which specializes in manufacturing cold-rolled steel products, is under scrutiny for its alleged involvement in a bank loan fraud case amounting to Rs 1,392 crore. The company was previously booked by the Central Bureau of Investigation (CBI) in 2022 for this fraud.
According to sources, the allegations suggest that Rao Dan Singh’s family and associated companies obtained loans from ASL which were never repaid. The funds were subsequently written off, raising concerns of financial misconduct.
The case originated from a complaint filed by Canara Bank, which led a consortium of five banks providing credit to ASL. The company began defaulting on interest payments and loan installments in November 2012. Despite restructuring efforts in December 2013, the account was eventually declared a non-performing asset.
The ongoing ED investigation aims to unravel the extent of the financial irregularities and recover the misappropriated funds.
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