ED, Hyderabad has conducted search operations on 3.6.2024 at eight locations in Hyderabad and Ongole (AP) under the provisions of PMLA, 2002 against M/s Chadalavada Infratech Limited (CIL) and others in a case of bank fraud. During the search operations various incriminating documents and digital devices were recovered and seized

The Directorate of Enforcement (ED), Hyderabad, conducted searches at eight locations in Hyderabad and Ongole under the PMLA against M/s Chadalavada Infratech Limited (CIL) and others involved in a bank fraud case. Initiated on a CBI complaint, the investigation revealed CIL's diversion of loan funds, resulting in a loss of Rs. 166.93 Crore. \r

CIL, engaged in power infrastructure projects, misused credit facilities from State Bank of India through fraudulent means like letter of credit transactions and round-tripping of funds. Searches yielded documents implicating property acquisitions with proceeds of crime. \r

Further investigation is ongoing.