Jaipur: Enforcement Directorate (ED) conducted a series of searches on Tuesday at four locations in Jaipur and two in Kanpur, targeting the office and residential premises of four directors of a private company implicated in a bank fraud case amounting to Rs 20 crore involving the Bank of Maharashtra. ED said Wednesday that during the operation, it seized nearly Rs 9 lakh in cash along with various documents pertaining to immovable properties. The action came as part of an investigation into alleged money laundering activities linked to M/s Romesh Power Products Limited, which was initiated following an FIR filed by Bank of Maharashtra with the CBI in Jaipur. The bank’s FIR accuses the company and its directors—including Radha Mohan Khandelwal, Raman Khandelwal and Chandramohan Khandelwal—of multiple offences, including cheating, criminal breach of trust, and criminal conspiracy. According to the ED, the company had taken a loan of nearly Rs 20 crore, which it failed to repay, resulting in it being classified as a non-performing asset (NPA). The bank managed to recover Rs 9 crore through auctions and other means.
