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The Enforcement Directorate (ED), Ahmedabad has provisionally attached immovable properties with a book value of ₹2 crore (current market value: ~₹4 crore) in a bank fraud case involving Dhananjay V Parikh, proprietor of Raymark Remedies. The action was taken under the Prevention of Money Laundering Act (PMLA), 2002.
Case Background
The investigation stems from a CBI (ACB, Gandhinagar) FIR alleging:
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- Fraudulent diversion of ₹2 crore cash credit facility from Bank of Maharashtra
- Criminal conspiracy under IPC and Prevention of Corruption Act
- Misuse of funds for purposes other than sanctioned
Key Findings
Fraudulent Collateral:
- Properties shown as collateral were acquired on 29.03.2014 – after availing CC limit on 13.03.2014
- Created false impression of existing security to obtain loan
Money Trail:
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- Funds routed through accounts of non-existent firms
- Partial amount used to purchase the very properties shown as collateral
- Balance utilized for repaying other loans
Attachment Details
- Properties identified as direct proceeds of crime
- Current market value (₹4 crore) reflects 100% appreciation from book value
Ongoing Investigation
ED is examining:
- Complete money laundering network
- Role of accomplices
- Additional assets acquired through illicit funds
Significance: This case exposes a unique modus operandi where fraudster used loan proceeds to create collateral security after sanction. The attachment prevents further alienation of tainted assets.
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