PMLA Case: ED Attaches Assets Worth ₹111.57 Crore in Victory Electricals Fraud Probe
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Summary
The Enforcement Directorate has attached assets worth ₹111.57 crore in a bank fraud case involving Victory Electricals Ltd. The company's directors obtained credit facilities from SBI using forged doc...
Key Details
Published
14 November 2025 at 03:00 pm
Source
The 420
Channel
NA
Victim Profile
NA
State
Telangana
City
Hyderabad
Amount Loss Range
> ₹10000000
Fraud Keywords
bank loan fraudshell companiesforged financial documentsfabricated balance sheetsinflated receivablesfund diversionforeign bank guarantee misuselayering transactionsfraudulent credit facilities
Tags
Digital Footprint
M/s Victory Electricals Ltd. (VEL)Victory Transformers and Switchgears Ltd. (VTSL)Mahindra Kumar Waddideni (director)Manoj Kumar Waddideni (director)Venkatappa Naidu Waddideni (director)M/s Hackbridge Hewittic and Easun Ltd.Naveen Khatri (co-accused)CBI FIRCC No. 8743/2023State Bank of IndiaBank of Baroda, Sharjah (Dubai)USD 5 million bank guarantee₹189.04 crore (total loss amount)