Daijiworld Media Network - Bhopal/Indore
Bhopal/Indore, Apr 28: The Indore Sub-Zonal Office of the Enforcement Directorate (ED) has intensified its investigation into a major financial fraud case by provisionally attaching immovable assets worth Rs 7.76 crore. The action, taken on April 24 under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, targets land parcels registered in the name of Ruchi Acroni Industries Limited, now known as Steeltech Resources Limited.
According to an official statement released Tuesday the move highlights the tightening legal scrutiny on corporate financial misconduct in the region. The case originated from a First Information Report (FIR) filed by the Central Bureau of Investigation’s Anti-Corruption Branch in Bhopal, citing violations under the Prevention of Corruption Act and the Indian Penal Code.
Investigators allege that the company orchestrated a complex fraud scheme against UCO Bank’s Indore branch, causing a wrongful loss exceeding Rs 58 crore. The firm is accused of diverting bank funds through layered transactions involving group companies, as well as issuing loans and advances to associated entities.
The ED’s probe has uncovered an intricate network of financial manipulation. It is alleged that the company secured credit facilities and letters of credit using forged and fabricated documents, with no genuine trade transactions backing them. The funds obtained were then routed through multiple interconnected entities under common control to obscure their origin, before ultimately being used to acquire properties—now under attachment.
This is the second such action in the case. Earlier, the ED had attached assets worth Rs 10.15 crore linked to the same group. With the latest development, the total value of attached properties continues to rise as authorities attempt to recover proceeds of the alleged crime.
Officials have confirmed that investigations are ongoing, with a focus on uncovering the full extent of the financial network and ensuring accountability for the losses suffered by the public sector bank.