BENGALURU: Following last week’s income tax raids on businessmen and contractors, the Enforcement Directorate (ED) on Tuesday conducted raids on seven locations in the city on business people and firms under the Prevention of Money Laundering Act (PMLA).
Among the locations raided include businesswoman Usha Ramnani’s residence near Kasavanahalli in Bellandur early in the morning. She is the managing director of one company and director in another company. The ED officials were examining various documents at her residence.
Usha Ramnani, who runs the medical equipment company Opto Circuits India Ltd at Electronics City, is accused of defrauding five banks by availing loans totalling Rs 480 crore. Usha is also said to be involved with several other companies and has bungalow is on a one acre plot.
Between 2011 and 2016, had procured Rs 354 crore in loans from SBI by creating fake documents and had not repaid. In 2019, the CBI had registered a case against the company following which the ED also took up a case under PMLA.