The Enforcement Directorate (ED) in Bhopal has lodged a prosecution complaint in a special court under the Prevention of Money Laundering Act (PMLA), 2002, related to a bank fraud case linked to M/s Excel Vehicles Pvt. Ltd. and its directors. The ED filed the complaint on April 13 before the Special Court (PMLA) in Bhopal, with the accused individuals appearing before the court after receiving the necessary documents.
The ED’s investigation stemmed from an FIR filed by the Central Bureau of Investigation (CBI), Anti-Corruption Branch (ACB), Bhopal, which alleged that the company and its directors deceived Bank of India, leading to a loss of approximately Rs 42 crore. Following this, the CBI had submitted a chargesheet in the case before the Special Judicial Magistrate (CBI Cases) in Indore on December 20, 2022.
During the money laundering inquiry, the ED conducted search operations on November 6, 2024, resulting in the confiscation of cash and ornaments valued at Rs 1.09 crore. It was discovered that the company had obtained credit facilities of about Rs 42 crore from Bank of India by providing false collateral securities and concealing a prior charge on a mortgaged property with Kotak Mahindra Bank.
Further investigations revealed that a substantial portion of the loan funds was diverted through the company’s cash credit accounts to various related entities without any legitimate business purpose, indicating a breach of PMLA regulations. The ED had previously provisionally attached two immovable properties valued at around Rs 12.62 crore under the PMLA, including agricultural and commercial plots in Bhopal district, Madhya Pradesh.
The agency confirmed that the investigation into the matter is ongoing.
