The Enforcement Directorate (ED) announced the provisional attachment of properties worth Rs 10.15 crore owned by Ruchi Acroni Industries Ltd. in Indore. These properties, registered under M/s Ruchi Acroni Industries Ltd., were attached under the Prevention of Money Laundering Act (PMLA), 2002. The ED initiated an investigation based on an FIR filed by CBI, ACB, Bhopal, against the company for alleged fraudulent activities causing a loss exceeding Rs 58 crore to UCO Bank, Indore.
The investigation uncovered that Ruchi Acroni Industries Ltd., now known as M/s Steeltech Resources Ltd., diverted funds through investments in group companies and by providing loans and advances to associates and group concerns. The company obtained credit facilities and letters of credit through forged documents, diverting the proceeds back to the borrower company through interconnected entities. Illegally siphoned funds were used to acquire various properties, according to the ED’s statement.
In December 2025, the ED, Indore, conducted search and seizure operations related to this case. The ED confirmed that further investigation into the matter is ongoing.
