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The Enforcement Directorate (ED) has conducted searches at 17 locations across Mumbai, Khandala and New Delhi as part of a money laundering investigation linked to alleged irregularities in a corporate insolvency resolution process involving loans originally sanctioned by Yes Bank. The action covered premises associated with Suraksha Asset Reconstruction Company Ltd (SARCL), Suraksha Realty Ltd, Khyati Realtors Pvt Ltd, their promoters, directors, employees and a former Yes Bank employee. Investigators are examining the assignment of loans granted during FY2016-17 and FY2017-18, including facilities extended to Mackstar Marketing Pvt Ltd. The probe focuses on allegations of collusion in the acquisition of stressed assets, undervaluation of assets, questionable creditor claims and voting practices during insolvency proceedings, alongside concerns regarding transparency in the resolution process.
The Enforcement Directorate (ED) carried out search operations at 17 locations across Mumbai, Khandala and New Delhi in the past week as part of an ongoing money laundering investigation into alleged irregularities linked to a corporate insolvency resolution process involving loans originally sanctioned by Yes Bank. The searches covered premises associated with Suraksha Asset Reconstruction Company Ltd (SARCL), Suraksha Realty Ltd, Khyati Realtors Pvt Ltd, their promoters, directors and employees, as well as a former Yes Bank employee.
According to officials, the investigation relates to loans granted by Yes Bank during FY2016-17 and FY2017-18, including facilities extended to Mackstar Marketing Pvt Ltd and certain other borrower accounts. The agency is examining the subsequent transfer and acquisition of these loan exposures through transactions involving asset reconstruction companies.
The ED stated that the searches were undertaken to gather evidence in a money laundering case involving the alleged collusion of asset reconstruction companies with bank officials. Investigators are probing whether a series of circular transactions enabled the acquisition of stressed assets at valuations that did not reflect market conditions, allowing the assets to be taken over through mechanisms that bypassed transparent commercial negotiations.
The inquiry is also examining allegations surrounding the valuation of assets sold through auction processes. Officials indicated that the probe is focused on possible instances of undervaluation, along with the filing of inflated or fraudulent claims during insolvency proceedings. The agency is assessing whether such actions influenced the outcome of the resolution process and affected the treatment of creditors.
Another aspect of the investigation concerns creditor voting rights exercised before the National Company Law Tribunal (NCLT). The ED is scrutinising whether voting mechanisms and creditor representation during the Corporate Insolvency Resolution Process (CIRP) were manipulated in a manner that compromised the integrity of the proceedings. Officials have also raised concerns regarding the overall transparency of the insolvency process in the cases under review.
Searches were conducted by the ED’s Mumbai Zonal Office-I and covered multiple properties in Maharashtra and Delhi linked to the companies and individuals under investigation. The operation forms part of a broader examination of transactions involving distressed assets, loan assignments and insolvency-related recoveries. As of the latest updates, no formal response from the companies named in the investigation had been reported. The agency is expected to analyse documents, digital records and other material collected during the searches as it continues its probe into the alleged financial irregularities.
Source - PTI
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