Kolkata, October 30, 2026 (Yes Punjab News)
The Enforcement Directorate (ED) on Friday conducted searches at four locations across West Bengal in connection with an alleged ₹280-crore bank fraud involving Kohinoor Power Private Limited (KPPL), which had reportedly secured a bank consortium loan for setting up a 66 MW power plant in Jharkhand.
The searches covered locations in Kolkata, Uttarpara in Hooghly district, Asansol in West Burdwan district and Howrah. ED teams were accompanied by central forces personnel.
The investigation centres on allegations that the loan obtained in the name of developing the power project was not used for its stated purpose and was instead diverted through a network of suspected shell companies.
Among those whose premises were searched were chartered accountants Ashok Sarathi and Sudipto Ghosh. Sarathi’s residence in the Avni Oxford housing complex in Lake Town, Kolkata, was searched, while investigators also questioned family members and searched Ghosh’s house on Shibtala Street in Uttarpara.
Ghosh has denied having any connection with the alleged fraud and said he was cooperating with the investigating agency.
According to the ED, the case was initiated on the basis of a complaint filed by the Serious Fraud Investigation Office (SFIO) before the 2nd Special Court in Kolkata concerning the affairs of KPPL and others.
The Ministry of Corporate Affairs had ordered an investigation into the company’s affairs after the Insolvency and Bankruptcy Board of India (IBBI) forwarded a list of companies linked to alleged avoidance transactions. The list followed applications filed by resolution professionals before the National Company Law Tribunal (NCLT).
Investigators are examining the alleged diversion of the loan proceeds and the suspected role of financial intermediaries. During Friday’s searches, ED officials were looking for digital records, bank account details and documents that could help establish the movement of funds and the roles of those involved.
The allegations are under investigation, and the searches do not by themselves establish the guilt of any individual.
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