MP: ED attaches Rs 35.52 crore assets in bank fraud case

Indore, June 23 (IANS) The Directorate of Enforcement (ED), Indore sub-zonal office, has provisionally attached immovable properties worth Rs 35.52 crore in connection with a major money laundering investigation involving M/s Dhanlaxmi Solvex Pvt. Ltd. (DSPL), its directors, and associated entities. The action was taken under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.

The case stems from a complaint filed by a consortium of banks led by the State Bank of India, along with Union Bank of India, Bank of Maharashtra, and Bank of Baroda, said a press note. The Central Bureau of Investigation (CBI) had earlier registered an FIR alleging that the accused fraudulently availed credit facilities and caused a wrongful loss of Rs 356.31 crore to the lending banks.

ED’s investigation revealed that the company and its promoters allegedly obtained loans through misrepresentation and subsequently diverted and siphoned off the funds through a complex web of related entities. The probe uncovered large-scale circular trading, bogus transactions, accommodation entries, and misuse of Letters of Credit (LCs).

The proceeds of crime were allegedly laundered through various shell entities controlled by the accused and their associates, the press note said.

On February 26, 2026, ED conducted searches at five locations in Indore and Dewas districts of Madhya Pradesh under Section 17 of the PMLA. During the searches, officials seized incriminating documents, digital devices, and financial records that strengthened the case.

Based on the evidence collected, the agency has now attached 19 immovable properties, including residential flats and land parcels, located in Indore and Shajapur districts. These properties, valued at Rs 35.52 crore, are held in the names of the accused persons.

This attachment is seen as a significant blow to the accused, as it freezes their assets and prevents any disposal or transfer. The move aims to safeguard the proceeds of crime and facilitate eventual restitution to the victim banks.

Further investigation into the case is continuing, and more attachments and legal actions are expected in the coming days. The development has once again highlighted concerns over loan fraud and financial irregularities in the state’s industrial sector.

–IANS

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