Indore, March 25 – The Enforcement Directorate (ED)'s Indore Sub-Zonal Office has provisionally attached three immovable properties worth approximately Rs 4 crore under the Prevention of Money Laundering Act (PMLA), 2002, in connection with a significant bank fraud case.
The attached properties are agricultural lands located in the districts of Dhar and Khargone in Madhya Pradesh.
The action targets Ram Patidar, the owner of M/s Narmada Sheit Grih, based in Dhar.
The ED launched its investigation following a First Information Report (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 obtained a loan of Rs 3.5 crore from the Punjab National Bank (PNB) for the construction of a cold storage facility under the name of his firm, the ED said in a press statement.
However, instead of using 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 investigation established that the diverted money constitutes proceeds of crime, which were allegedly layered and integrated into assets that appear legitimate, 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 funds and banking facilities for personal gain, 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 investigation 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.
