In a significant development in the ongoing investigation into a major financial fraud case, the Enforcement Directorate’s Ahmedabad Zonal Office has provisionally attached immovable property valued at ₹34 lakh under the Prevention of Money Laundering Act (PMLA), 2002. This action targets entities involved in an elaborate banking fraud scheme that allegedly caused a wrongful loss of ₹11.17 crore to Bank of India and Temple Tree Investment Private Limited.
Case Background and FIR Details
The ED initiated its investigation based on a First Information Report (FIR) registered by the Central Bureau of Investigation’s Anti-Corruption Branch (CBI ACB) in Gandhinagar. The case involves multiple business entities including M/s Lompire and M/s Invert Triangle, along with their partners, who stand accused of serious financial crimes including:
- Criminal conspiracy
- Theft of banking funds
- Cheating through fraudulent means
- Forgery of financial documents
- Causing wrongful gain to themselves through illegal activities
Modus Operandi Uncovered
Through meticulous financial investigation, the ED has uncovered that the accused allegedly:
- Created false documentation to secure banking facilities
- Fabricated transactions to justify fund disbursements
- Diverted funds for personal enrichment rather than declared business purposes
Comprehensive Investigation Measures
The ED’s financial crime investigators have undertaken extensive measures including:
- Detailed analysis of numerous bank account statements
- Tracing the complete money trail of fraudulently obtained funds
- Identification of end-use of misappropriated money
- Mapping of the entire network of beneficiaries
Search Operations and Seizures
In a coordinated enforcement action, the ED conducted simultaneous searches across 10 locations spanning Gujarat and Maharashtra. These operations yielded significant evidentiary material:
- Precious Metals: Gold items valued at approximately ₹8.90 lakh seized
- Cash Recovery: ₹1.83 lakh in undisclosed cash confiscated
- Digital Evidence: Various incriminating documents and electronic records secured
- Account Freezing: Bank accounts containing approximately ₹9.62 lakh frozen to prevent further transactions
Current Status and Future Actions
While the provisional attachment of ₹34 lakh worth of property marks a crucial step in asset recovery, the ED has emphasized that investigations remain active and ongoing. The agency is particularly focused on:
- Identifying additional properties and assets acquired through proceeds of crime
- Expanding the scope of investigation to uncover all involved parties
- Building a watertight case for prosecution under PMLA provisions
Legal Framework and Next Steps
The attached properties will now go through the adjudication process under PMLA regulations. Meanwhile, the ED continues to collaborate with the CBI to strengthen the criminal case against the accused entities and individuals.