ED Conducts Multi-City Raids; Searches at Suraksha Group Offices, Probes Alleged Rs. 200.3 Cr Loan Diversion Linked to HDIL And Yes Bank
(By Syed Ali Taher Abedi)
Delhi, 18, June.2026-The Enforcement Directorate (ED) carried out simultaneous search operations at 17 locations across Mumbai and Delhi on Thursday in a money‑laundering probe under the provisions of the Prevention of Money‑Laundering Act, 2002 (PMLA). The searches targeted the offices and premises of entities linked to the Suraksha group, including Suraksha Asset Reconstruction Company Ltd (SARCL), Suraksha Realty Ltd, Khyati Realtors Pvt Ltd, and other associated persons.
The action follows an investigation point originating from a First Information Report registered by the Central Bureau of Investigation — Anti‑Corruption Branch (CBI‑ACB) against M/s Housing Development & Infrastructure Ltd. (HDIL) and others, which alleged illegal extraction and diversion of bank loans totaling around Rs. 200 crore.
According to the ED, its probe has uncovered a complex scheme in which Rakesh Kumar Wadhawan and Sarang Wadhawan, promoters of HDIL, allegedly conspired with Rana Kapoor, former Managing Director and Chief Executive Officer of Yes Bank, to secure six term loans aggregating approximately Rs. 200.30 crore in the name of Mack Star Marketing Pvt. Ltd. (MSMPL) between 2011 and 2016. The loans, the agency says, were diverted to repay obligations of HDIL group entities rather than being employed for the sanctioned purposes for MSMPL.
The ED further alleges that several MSMPL properties were transferred to associates of the accused. Subsequent inquiry indicated that Rana Kapoor facilitated diversion of MSMPL loan proceeds toward HDIL liabilities and orchestrated premature assignment of the loan account to Suraksha ARC — a move the ED describes as a mechanism to “evergreen” bad debt by recycling stressed exposures.
The probe further states that during financial year 2017–18 Suraksha ARC acquired a significant portion of stressed assets assigned by Yes Bank, including the MSMPL loan account. At the same time, Yes Bank is said to have extended credit facilities to various Valia Group entities; the ED suspects that those funds were used, directly or indirectly, to meet cash‑margin requirements for Suraksha ARC’s acquisition of loan accounts. The agency has flagged a series of circular transactions within group entities and transactions camouflaged as cash‑margin payments, allegedly engineered to provide liquidity and to neutralize interest costs in the acquisition of stressed assets.
Search teams reportedly seized cash to the tune of Rs. 50 lakh, approximately 10 kg of silver bars, multiple bank lockers and several incriminating documents and digital devices during the raids. The ED said it also noticed “certain other illegalities” in the course of its searches.
Investigations remain underway and the agency said it will take further action as the probe progresses. No arrests were announced at the time of the searches. Representatives of the Suraksha group, Yes Bank and the accused persons did not immediately respond to requests for comment.
