ED raids Ramnandi Hotels in alleged Rs 132-crore bank fraud case; 9 locations searched

The Enforcement Directorate searched nine locations across three states in an alleged bank fraud case. Ramnandi Hotels and Resorts Ltd is accused of diverting Rs 58 crore from bank loans. The company allegedly used fake reports and personal guarantees to secure these funds. Five pledged properties were reportedly sold at undervalued prices recently. The agency suspects these actions aimed to prevent asset attachment and recover crime proceeds.