Mumbai, September 14, 2026 (Yes Punjab News)
The Enforcement Directorate (ED) has seized Rs 18 lakh in Indian currency and foreign currency worth USD 9,567 and 860 Zambian Kwacha during searches at 11 premises in Mumbai and Delhi linked to Alfara’a Infraprojects Pvt Ltd (AIPL), its directors and close associates in an alleged bank fraud and money laundering case involving more than Rs 255 crore.
According to an ED statement issued on Monday, the searches were conducted on September 10 by the agency’s Mumbai Zonal Office-I under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The agency also froze fixed deposits worth approximately Rs 1.02 crore, along with Japanese currency amounting to 1.75 crore yen and USD 1,03,145.
During the searches, the ED recovered several documents, digital devices and records relating to banking transactions, Letters of Credit (LCs), Bank Guarantees (BGs) and immovable properties allegedly linked to the accused and other suspect entities.
The agency said the material seized is expected to help trace the alleged proceeds of crime and establish how the funds were layered through banking channels. Further investigation is underway.
The probe originated from an FIR registered by the CBI’s Economic Offences Branch in Chennai following a complaint by Bank of Baroda against AIPL and others.
According to the ED, the civil construction company had obtained credit facilities of Rs 103 crore from Bank of Baroda in 2012, which were increased to Rs 360.50 crore in 2015. The account was classified as a non-performing asset on June 18, 2018, with outstanding dues of Rs 255.74 crore.
The agency said its investigation has prima facie found that LCs worth around Rs 75.02 crore devolved and BGs amounting to approximately Rs 164.59 crore were invoked, allegedly generating proceeds of crime.
The ED further alleged that a substantial portion of the funds was routed through multiple intermediary and beneficiary entities before being transferred to AIPL and its group companies through layered transactions intended to conceal their origin.
It also alleged that foreign BGs were opened in the guise of exports of glazed tiles that were never executed, after which funds were remitted to entities in Singapore and Hong Kong.
The agency said several LCs and BGs subsequently devolved or were invoked following non-payment by AIPL, allegedly causing losses to the lending bank and facilitating diversion of funds.
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