The Enforcement Directorate (ED) has frozen assets worth over Rs 110 crore belonging to Lakhani India, a shoe company, due to allegations of bank loan fraud. This action comes after investigations were launched following complaints from the CBI in 2021 and 2023. The authorities say Lakhani India Limited and its sister companies, including Lakhani Rubber Udyog and Lakhani Apparel, cheated banks like Indian Overseas Bank, Punjab National Bank, and Allahabad Bank, resulting in a total fraud of Rs 162 crore.
The ED claims that the Lakhani group misused the money they obtained from these banks. They made questionable sales and used funds to pay off loans of other related companies. As a result, five commercial plots covering over 20 acres, a two-acre farmhouse, and an office flat in the Delhi-NCR area have been temporarily seized. These properties are valued at more than Rs 110 crore. The company and its promoters, P D Lakhani and Suman Lakhani, have not responded to these serious allegations.
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