Representational image only. | Photo Credit: X/@dir_ed
“The Enforcement Directorate (ED) on Wednesday (September 30, 2026) conducted searches at a dozen locations in Kolkata in a money-laundering investigation against a Kolkata-based group accused of a bank loan fraud exceeding ₹820 crore and the subsequent “misuse” of the Insolvency and Bankruptcy Code (IBC),” officials said.
Agency officials alleged that the Tayal Group induced banks through “false” declarations regarding production capacity and machinery, falsified stock statements, and the unauthorised sale of hypothecated machinery.
“Twelve premises located in Kolkata were covered as part of the searches conducted…