The search operation began early on Thursday and covered premises linked to suspects in the case. The action was carried out in close coordination with security forces and the state police force.
According to officials, the ED searched premises linked to the promoters of the group, Prashant Bothra and Vijay Bothra, along with those of other directors and auditors. Office premises were also covered during the operation.
The ED's investigation so far has revealed that Kohinoor Power Pvt Ltd availed loans from banks for a 66 MW power plant in Jharkhand. However, the loans were allegedly siphoned off to other group entities and used for personal purposes.
"The company ultimately went to NCLT (National Company Law Tribunal) and only Rs 7 crore could be recovered in liquidation, resulting in huge losses to the creditors," officials said.
The company subsequently went to the National Company Law Tribunal, while only Rs 7 crore was recovered during liquidation, causing substantial losses to creditors.
Officials said the searches are aimed at gathering further evidence linked to the case and tracing the money trail in the money laundering case being investigated by the federal agency under the Prevention of Money Laundering Act (PMLA).
The searches across 11 premises in Kolkata form part of the ED's ongoing investigation into the alleged diversion of bank loans and the resulting Rs 290 crore fraud.
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