Directorate for enforcement of law (ED) performed search operations in six locations in Hyderabad in connection with extensive banking fraud associated with M/S SEW Infrastructure Ltd. (Forces), m/s Prasad and Company (Project Works) pvt. Ltd. (PSPWPL), their group companies and promoters.
The money laundering probe stems from the Central Bureau of Investigation (CBI) case against the M/S Sew LSY Highways Limited and others for sipling loans, cheating and criminal incorrect behavior, leading to a loss of public money.
M/S SEW LSY HIGHWAYS LTD has been incorporated as a special special -purpose vehicle (SPV) to conclude a motorway contract granted by the state office UTTAR Pradesh to the m/s consortium and m/s PSPWPL.
The SPV was sanctioned a term loan of 1,700 GBP Crore Consort of 14 banks led by the National Bank Pandjab. Treaties on Engineering, Public Procurement and Construction (EPC) Award (EPC) The project was commissioned by M/S forces and its group entities, which subsequently partial work to other companies.
The ED survey revealed a complex network of sub -dance within the group through entities, such as Sew Transport Networks LTD (STNL), while the work is gradually transmitted to lower values. This practice allowed promoters to divert and sipper from a substantial part of the credit funds. PSPWPL, which held a 30% share in SPV, also received diverted funds and subsequently filled them back because the promoters required a contribution to their own capital, instead of coming from legitimate sources.
Even after the banks paid off Crore 603,68 GBP to spread LSY Highways LTD, the project remained incomplete and the rental account eventually turned into an uniform asset. The excellent amount is now 621.78 crore.
During search operations 22nd July, ED confiscated the incriminating financial records and property documents worth approximately 120 GBP Crore, which took place in the names of promoters and their family members. In addition, 33 banking accounts belonging to SEW Infrastructure LTD, SeW Transport Networks LTD, their directors and relatives were frozen.
Another investigation is underway.
Published – 23 July 2025 9:27
