ED raids Ramnandi Hotels at 9 locations over alleged Rs 132-crore bank fraud

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The Enforcement Directorate conducted searches across nine locations in three states targeting Ramnandi Hotels and Resorts Ltd. The company is accused of diverting Rs 58 crore obtained through bank loans using fraudulent reports and personal guarantees. Investigators allege that five properties pledged as collateral were recently sold at prices below their actual value. The ED suspects these transactions were carried out deliberately to obstruct asset attachment and recovery of proceeds from the alleged crime.

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