The Enforcement Directorate (ED) recently carried out search operations at several locations in Mumbai, Delhi and Gurugram on November 18, 2025 under the Prevention of Money Laundering Act (PMLA), 2002, an official statement said on Thursday.

During the searches, the ED froze fixed deposits and mutual funds worth around Rs 51.81 lakh and seized gold coins and a gold bar valued at Rs 84 lakh, it said.

Officials said that they have also recovered many incriminating documents.

The investigation began after the CBI registered an FIR against Leeway Logistics Ltd, its directors and guarantors, officials said.

According to the FIR, the company and its directors allegedly cheated a consortium of banks led by the Bank of India. They had taken credit facilities worth Rs 167.5 crore, and between 2013 and 2016, reportedly diverted funds, carried out round-tripping transactions, made payments to unrelated parties and dishonoured letters of credit. This caused a wrongful loss of Rs 173.18 crore to the banks. The loan account was declared a non-performing asset (NPA) on September 30, 2016, the statement said.

The ED’s initial findings show that Sanjay Sinha, a director of Leeway Logistics Ltd, along with several associates, allegedly created multiple dummy companies to route the loan money. These funds were reportedly used to inflate the company’s turnover and obtain further credit. Large amounts of cash were later withdrawn from the accounts of these shell entities as part of the suspected siphoning of funds, it further stated.

The ED said that further investigations were underway.

Source