Indore, March 25 (IANS) The Enforcement Directorate (ED)’s Indore Sub-Zonal Office has provisionally attached three immovable properties valued at around Rs 4 crore under the Prevention of Money Laundering Act (PMLA), 2002, in connection with a significant bank fraud case.
The attached assets are agricultural lands located in Dhar and Khargone districts of Madhya Pradesh.
The action targets Ram Patidar, proprietor of M/s Narmada Sheit Grih based in Dhar.
The ED launched its probe following an FIR registered by the Central Bureau of Investigation (CBI) in Jabalpur against Ram Patidar and other accused persons under various sections of the Indian Penal Code, 1860, and the Prevention of Corruption Act, 1988.
The investigation revealed that Ram Patidar had secured a term loan of Rs 3.5 crore from the Punjab National Bank (PNB) for the construction of a cold storage facility in the name of his firm, the ED said in a press statement.
However, instead of utilising the funds for the intended purpose of building the cold storage, the loan amount was allegedly diverted to multiple bank accounts controlled and managed by Patidar himself and his close associates, including Parmanand Patidar, Mahendra Patidar, Mithun Dawar and others.
“This systematic diversion of funds resulted in a wrongful loss of nearly Rs 3.36 crore to the Punjab National Bank, while the accused derived corresponding wrongful gains,” the ED said.
The ED’s probe established that the diverted money constitutes the proceeds of crime, which were allegedly layered and integrated into legitimate-looking assets, including the agricultural lands now attached.
The attachment order aims to prevent the accused from disposing of or dealing with these properties during the ongoing investigation.
The move sends a strong message against those who misuse public money and banking facilities for personal benefit, the ED said in the statement.
Further investigation into the case, including tracing any additional proceeds of crime and examining the roles of all involved parties, is continuing.
The ED is likely to file a detailed charge sheet in the competent court once the probe reaches its logical conclusion.
This case highlights the agency’s continued focus on cracking down on bank frauds and money laundering activities in Madhya Pradesh.
–IANS
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