Thu Jan 16 17:50:02 UTC 2025: ## ED Attaches ₹442.85 Crore in Kwality Limited Bank Fraud Case
**NEW DELHI, January 17, 2025** – The Enforcement Directorate (ED) has seized immovable assets valued at approximately ₹442.85 crore in connection with an alleged bank fraud perpetrated by the defunct Kwality Limited. The properties include a sprawling farmhouse in Delhi’s DLF Chhatarpur area (12,000 square yards), along with residential properties in Vasant Vihar and Punjabi Bagh, and several plots in Karnal (Haryana) and Mohali (Punjab).
According to the ED, these assets were held by former Kwality Limited promoters Siddhant Gupta and Sanjay Dhingra through shell companies. The ED investigation reveals that even the promoters’ driver and security guard served as directors in these companies.
The ED’s action stems from a First Information Report (FIR) filed by the Central Bureau of Investigation (CBI) accusing Kwality Limited’s former directors of fraudulent activities. The company allegedly falsified its accounts, misrepresenting sales, purchases, debtors, and creditors, thereby defrauding a consortium of banks to the tune of ₹1,400.62 crore. The investigation is ongoing.
First Piper 