Overview
- The Enforcement Directorate says it conducted searches on November 25–26 at 12 locations in Pune linked to an alleged vehicle-loan fraud at State Bank of India.
- Premises of loan borrowers, car dealers, and the then SBI branch manager were searched as part of the money-laundering inquiry.
- Officers seized BMW, Volvo, Mercedes and Land Rover vehicles under Section 17 of the PMLA and recovered records while tracing immovable assets.
- According to the agency, former chief manager Amar Kulkarni conspired with auto-loan counsellor Aditya Sethia and borrowers during 2017–2019 to push fraudulent high-value car loans.
- Investigators say forged documents and inflated quotations were used to obtain larger loans, the case stems from CBI ACB and Shivajinagar Police FIRs, and the probe continues.