ED searches seven Kanakadhara Ventures-linked premises

The Enforcement Directorate searched seven premises linked to Kanakadhara Ventures Pvt Ltd and its directors on October 23, investigating alleged diversion of bank credit worth Rs 326.49 crore, the agency said. The searches included the company’s registered office, directors’ residences and premises linked to entities and individuals alleged to have acted as conduits. The ED said the searches formed part of an ongoing investigation into credit facilities extended to the company by a consortium of banks led by Punjab National Bank. Investigators allege that bank guarantees and letters of credit sanctioned to Kanakadhara Ventures were misused and that funds were routed through related entities and intermediaries. The agency’s reported findings include the use of fabricated invoices and transport documents to support the transactions. These claims remain allegations under investigation, not established findings. The searches took place in Hyderabad, Secunderabad and Medchal-Malkajgiri, according to the agency’s account. The ED is examining the suspected movement of funds as part of a money-laundering investigation. The agency also reportedly found that the company maintained bank...