The Enforcement Directorate’s Indore Sub-Zonal Office has provisionally attached a ₹5.13 crore land parcel owned by Neeta Shahra, wife of Umesh Shahra, under the Prevention of Money Laundering Act (PMLA), 2002. This action is part of an investigation into M/s Ruchi Global Ltd., now known as M/s Agrotrade Enterprises Ltd., a company linked to Kailash Chandra Shahra and Umesh Shahra. The ED’s probe follows an FIR by the CBI against the company and associates for alleged fraud involving over ₹188.35 crore.
The ED revealed that the company obtained credit facilities and Letters of Credit through fraudulent means, diverting the funds to group companies and related entities. These illegally obtained funds were circulated through various interconnected entities before being reinvested in the borrower company. The ED’s recent move is a result of searches conducted in December 2025 at the properties of Umesh Shahra and others in connection with bank fraud allegations related to Ruchi Group entities. The agency continues its investigation to trace further proceeds of crime and identify all involved parties.
The provisional attachment of assets aims to prevent the dissipation of funds derived from suspected money laundering activities. This case sheds light on the ongoing crackdown on corporate frauds involving bank fund diversions in Madhya Pradesh and beyond, with authorities stressing stringent action against economic offenders.
