Indore, Jan 20 (PTI) The Economic Offences Wing of the Madhya Pradesh police on Monday raided the premises of a man who allegedly made several people directors in his shell firms and then obtained bank loans to the tune of several crore rupees fraudulently, an official said.

Sanjay Dwivedi got 30 companies registered, appointed some 100 people on their directorial boards with the promise of share in profits, used their documents to obtain bank loans in the name of these firms and then siphoned off the money, the official said.

"Four premises of accused Sanjay Dwivedi and his associated were raided and several incriminating documents were seized," EOW deputy superintendent of police Anand Kumar Yadav said.

Dwivedi is yet to arrested, the Dy SP added.

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