The Enforcement Directorate’s Mumbai Zonal Office has provisionally attached immovable assets worth ₹9.39 crore in connection with a ₹286 crore bank fraud case involving M/s Sharon Bio Medicine Limited (SBML). The attached properties include flats in Pune, Maharashtra, under the Prevention of Money Laundering Act (PMLA), 2002.
Case Background
The ED initiated its investigation based on FIRs filed by the CBI’s Anti-Corruption Bureau (ACB), Mumbai, against SBML and its directors for allegedly defrauding banks using fabricated documents. The company, engaged in pharmaceutical manufacturing, is accused of manipulating financial records through circular transactions and fictitious sales to secure substantial bank loans.
Modus Operandi
- Directors Involved: Mohan Kala, Savita Gowda, and Lalit Misra, former directors of SBML, orchestrated the fraud.
- Shell Companies: They established multiple shell firms with employees and relatives as directors/shareholders to divert bank funds.
- Fund Misuse: Instead of using loans for business purposes, the accused siphoned off money for personal gains, including property purchases.
Previous Actions
- October 2024: ED conducted searches, seizing movable assets worth ₹16.42 crore and incriminating documents.
- January 2025: Attached assets worth ₹79.78 crore.
- Total Attachments: ₹105.59 crore (including the latest ₹9.39 crore).
Ongoing Probe
The ED continues to investigate the money trail and identify additional assets linked to the fraud.