The Enforcement Directorate (ED) in Indore has provisionally attached immovable properties worth Rs 35.52 crore related to a money laundering investigation involving M/s Dhanlaxmi Solvex Pvt. Ltd. (DSPL) and its directors. This action was taken under the Prevention of Money Laundering Act (PMLA), 2002. The case originated from a complaint by a consortium of banks, including State Bank of India, Union Bank of India, Bank of Maharashtra, and Bank of Baroda.
ED’s investigation uncovered that the company and its promoters allegedly obtained loans through misrepresentation and diverted the funds through a network of related entities. The probe revealed activities such as circular trading, bogus transactions, accommodation entries, and misuse of Letters of Credit (LCs). The laundered proceeds were allegedly channeled through shell entities controlled by the accused and their associates.
Following searches in Indore and Dewas districts of Madhya Pradesh, ED seized incriminating documents, digital devices, and financial records. Subsequently, the agency attached 19 immovable properties, including residential flats and land parcels in Indore and Shajapur districts, valued at Rs 35.52 crore. This attachment freezes the assets of the accused, preventing their disposal or transfer, with the aim of safeguarding the crime proceeds and facilitating restitution to the victim banks.
The enforcement agency’s ongoing investigation is expected to lead to more attachments and legal actions in the future. This development underscores concerns regarding loan fraud and financial irregularities in the state’s industrial sector.
