ED raids multiple locations in Punjab in Rs 179.28 crore bank fraud case linked to Guglani group

New Delhi: The Enforcement Directorate (ED) has conducted searches across 11 locations associated with Guglani group companies, including sites in Chandigarh, Mohali, Amritsar, Panchkula, Baddi, and Gujarat, as part of an investigation into a Rs 179.28 crore bank fraud.

The raids, carried out by the ED’s Chandigarh zonal office on November 5, led to the recovery of objectionable documents, digital devices, and Rs 3 lakh in cash.

The ED’s action stems from allegations of bank fraud involving two Guglani group companies: M/s Super Multi Colour Printers Pvt Ltd and M/s Dunn Foods Pvt Ltd. These companies reportedly defrauded banks of Rs 125.40 crore and Rs 53.88 crore, respectively.

The ED’s investigation follows an FIR filed against the companies and their directors, Sunil Guglani and Suman Guglani, as well as other associates, for alleged losses inflicted on a consortium of banks, including Punjab National Bank, Canara Bank, SBI, and Central Bank of India.

The ED confirmed that the probe had been ongoing and said that the recent searches are part of a broader effort to gather evidence in the case.