The Directorate of Enforcement (ED) has taken legal action against Ram Patidar, the owner of M/s Narmada Sheit Grih, and others under the Prevention of Money Laundering Act (PMLA), 2002, in Indore. The ED has urged the Special Court to notify Ram Patidar and other suspects following an investigation initiated by the Central Bureau of Investigation (CBI) based on a First Information Report. This investigation involves allegations of defrauding Punjab National Bank (PNB) and causing financial harm to the bank.
The ED revealed that Ram Patidar had obtained a term loan of Rs 3.50 crore from PNB for constructing a cold storage facility under M/S Narmada Sheit Grih. Instead of using the loan for its intended purpose, the funds were redirected to various accounts controlled by Narmada Sheit Grih and other associated individuals. This diversion led to a wrongful loss of Rs 3.36 crore to Punjab National Bank, with corresponding gains for the accused.
In a related development, the ED’s Indore Sub-Zonal Office had recently attached three immovable properties worth approximately Rs 4 crore under the PMLA in connection with the bank fraud case. These assets, agricultural lands situated in Dhar and Khargone districts of Madhya Pradesh, were identified as proceeds of crime that were allegedly integrated into legitimate assets.
