Overview

• Enforcement Directorate teams searched six Hyderabad locations linked to SEW Infrastructure Ltd, Prasad and Company (Project Works) Pvt. Ltd. and their promoters under provisions of the Prevention of Money Laundering Act.
• Agents seized financial records and property documents worth about ₹120 crore and froze 33 bank accounts held by company directors and their relatives.
• The probe targets SEW LSY Highways Ltd, a special purpose vehicle that obtained a ₹1,700 crore term loan from a 14-bank consortium led by Punjab National Bank for a Uttar Pradesh highway concession.
• Investigators uncovered a complex chain of intra-group subcontracting through SEW Transport Networks Ltd and other affiliates that allegedly diverted loan proceeds back to promoters.
• Only ₹603.68 crore of the loan was disbursed before the project stalled, leaving the account classified as a non-performing asset with ₹621.78 crore still outstanding.