The Indore Sub Zonal Office of the Enforcement Directorate (ED) has taken a significant step in a financial investigation by provisionally attaching immovable properties valued at Rs 7.76 crore. This action, conducted on April 24 under the Prevention of Money Laundering Act of 2002, involves land parcels owned by Ruchi Acroni Industries Limited, now known as Steeltech Resources Limited. A press release highlighted the legal implications of corporate financial irregularities in the region.
The investigation stemmed from an FIR filed by the Central Bureau of Investigation, Anti-Corruption Branch, in Bhopal. Allegations include violations under the Prevention of Corruption Act and the Indian Penal Code, with claims of defrauding UCO Bank in Indore of over Rs 58 crore. The company is accused of diverting bank funds through investments in group companies and loans to associate concerns, as per the Enforcement Directorate’s findings.
Detailed investigations revealed a complex financial deception scheme involving forged documents to obtain credit facilities and letters of credit. The diverted funds were channeled through interconnected entities to acquire the attached properties. Previously, the Enforcement Directorate had attached properties worth Rs 10.15 crore in the same case, with ongoing efforts to recover proceeds of crime and ensure accountability for the bank’s losses.
