Daijiworld Media Network - Ahmedabad
Ahmedabad, Jan 19: The Enforcement Directorate (ED) has provisionally attached two immovable properties in connection with a high-profile bank fraud and money laundering case involving Shree Om Fab and associated individuals, officials confirmed on Monday.
The attachment, carried out on January 12, 2026, was executed under the Prevention of Money Laundering Act (PMLA), 2002. The properties, registered in the names of accused Prem Devi Loonia and Payal Choksey, were originally valued at Rs 53.50 lakh, but their current market valuation stands at approximately Rs 4.65 crore.
The case traces back to a CBI FIR registered on May 24, 2018, following a written complaint from Oriental Bank of Commerce. The agency later filed a charge sheet on December 16, 2019, naming Shree Om Fab (proprietor Ranjit Loonia) and others as accused.
Investigations revealed that credit facilities totaling Rs 9.95 crore (Rs 10.932 crore including interest at the time of NPA) had been sanctioned to Shree Om Fab, Shree Baba Textile, and Shree Laxmi Fab—all proprietary concerns of Ranjit Loonia. The accused allegedly colluded with panel valuer Mayur Shah and bank officials, using forged documents, fake valuation reports, and fabricated business records to secure the loans.
Instead of using the funds for legitimate business purposes, the money was reportedly diverted to multiple bank accounts, withdrawn in cash, and spent on bullion purchases, housing loan repayments, and personal expenses.
During the ED’s PMLA investigation, searches at the accused’s premises recovered valuables worth nearly Rs 3.67 crore. It was further established that housing loan repayments for two properties—Prayag Residency and Siesta Dwelling—were made using fraudulently obtained loan funds, leading to the current provisional attachment.
With this latest action, the cumulative market value of properties seized and attached by the ED in the case has reached around Rs 8.30 crore. The central probe agency confirmed that the investigation is ongoing.
This move underscores the ED’s continued crackdown on financial fraud and money laundering linked to corporate and banking irregularities.