ED Attaches ₹3.91 Crore Land In ₹307 Crore Bank Fraud Probe

The Directorate of Enforcement (ED), Indore, has provisionally attached three commercial land parcels in village Hukmakhedi, Indore, worth ₹3.91 crore. The attached property belongs to M/s Vishwakarma Creations Private Limited, which allegedly received proceeds of crime in a bank fraud and money laundering case involving Neo Corp International Limited (NCIL) and Poly Logic International Limited (PLIPL).

The ED investigation was initiated based on two FIRs, one registered by the CBI, ACB, Bhopal, against Utkarsh Trivedi and others, alleging cheating of a nationalised bank involving ₹57.47 crore. The other FIR was registered by the CBI, EOW, Mumbai, against NCIL, its directors Sunil Kumar Trivedi, Utkarsh Trivedi, and others, alleging wrongful loss of ₹249.97 crore to another nationalised bank.

The combined loss to the public sector banks amounts to ₹307.44 crore. The ED investigation revealed that M/s Vishwakarma Creations Private Limited received substantial funds through intermediary entities, which were routed and layered from NCIL. The funds originating from the loan accounts of NCIL and its related entities were controlled and managed by Sunil Kumar Trivedi and Utkarsh Trivedi, facilitating the diversion and layering of proceeds of crime.

The ED investigation further revealed that Vishwakarma Creations was in receipt of proceeds of crime from the accounts of NCIL and its related entities. The land parcels valued at approximately ₹3.91 crore, standing in the name of the company at village Hukmakhedi, Indore, have been provisionally attached under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.

Earlier in this case, the ED had provisionally attached an immovable property valued at around GBP 2,45,000 (₹2,08,44,600) situated in a foreign jurisdiction. The ED's action is part of its ongoing investigation into the bank fraud and money laundering case.

The attachment of the land parcels is a significant development in the case, as it prevents the accused from disposing of the properties and using the proceeds of crime. The ED's investigation is ongoing, and further actions are expected in the coming days.

The bank fraud and money laundering case involves several individuals and entities, including NCIL, PLIPL, and their directors. The case highlights the need for stricter regulations and oversight to prevent such frauds and protect the interests of public sector banks.

The ED's action in attaching the land parcels is a step towards recovering the losses incurred by the public sector banks. The case is being closely monitored, and the outcome is expected to have significant implications for the accused individuals and entities.

In conclusion, the ED's attachment of the land parcels in Indore is a significant development in the bank fraud and money laundering case. The case highlights the need for stricter regulations and oversight to prevent such frauds and protect the interests of public sector banks.