Gurugram zonal office of ED has taken important action in a major bank fraud case on 15 December 2025. ED has filed a charge sheet in the PMLA Court Gurugram against the then directors and shareholders of M/s Allied Strips Limited Gaurav Aggarwal and Mohendra Aggarwal, Kolkata-based entry operator Jagdish Prasad Purohit and several companies associated with it. This case is related to the huge bank scam related to Allied Strips Limited.
ED had started this investigation on the basis of FIR of CBI, New Delhi. In the complaint of Canara Bank, it was alleged that Allied Strips Limited and its promoters misused the loan taken from the bank. The investigation revealed that the directors of the company and others conspired to misappropriate funds, commit fraud and breach of trust, causing a loss of approximately Rs 1392.86 crore to the consortium of banks led by Canara Bank.
Bought property in company name
ED investigation revealed that Allied Strips Limited sent huge amounts of money from bank accounts to different companies and vendors in the name of advance. In reality, no effort was ever made to take back this advance. Investigation revealed that money was withdrawn from the company by adopting this method. In many cases, the company received cash instead of giving advance, which was again shown in the company’s accounts through fake entries with the help of an entry operator from Kolkata. With this money, property was later purchased in the name of the company.
Revelations made during ED raid
During the ED raid, it also came to light that Allied Strips diverted the loans received from banks to many companies which had no direct connection with the company’s business. These include companies like Eurekus Infrastructure, Suncity Projects, Jubilant Malls, Kratos Projects, HNS Projects and HNS Infratech. According to investigation, about Rs 48.68 crores were given to these companies, which have not been returned till date.
Bank fraud investigation continues against promoters
Earlier, ED had attached properties worth about Rs 44.09 crore of Suncity Projects, Eurekus Infrastructure and other related companies in this case. Till now, the total attachment and seizure amount of ED in this case has reached around Rs 45.51 crore. It is noteworthy that Allied Strips Limited was put into insolvency process (CIRP) in the year 2018. Under NCLAT’s order dated May 6, 2022, GP Global Energy Private Limited was selected as the successful bidder with a resolution plan of approximately Rs 233.71 crore. Despite this, investigation into bank fraud and money laundering is going on against the old promoters.
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