ED Raids Multiple Kolkata Locations In ₹290 Crore Bank Loan Fraud Probe Against Kohinoor Power
Kohinoor Power is said to have availed loans from banks to set up a 66 MW power plant in Jharkhand, but the loans were "siphoned off" to other group entities and for personal use, the officials alleged.
According to the agency, the company approached the National Company Law Tribunal (NCLT), and only ₹7 crore could be recovered in liquidation, resulting in losses for the creditors.
11 premises in Kolkata have been searched under the Prevention of Money Laundering Act (PMLA), news agency PTI reported. They belong to the promoters of the group, Prashant Bothra and Vijay Bothra, along with other directors and auditors, the officials said.
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