Daijiworld Media Network - Bhopal
Bhopal, Apr 15: The Directorate of Enforcement (ED) has filed a prosecution complaint under the Prevention of Money Laundering Act (PMLA), 2002, in connection with a bank fraud case involving M/s Excel Vehicles Pvt. Ltd. and its directors.
According to officials, the complaint was submitted on April 13 before the Special PMLA Court in Bhopal. Following the issuance of notices, the accused appeared before the court and were provided with copies of the complaint and supporting documents.
The ED launched its investigation based on a case registered by the Central Bureau of Investigation (CBI), Anti-Corruption Branch, Bhopal. The FIR alleged that the company and its directors defrauded Bank of India, causing a loss of approximately Rs 42 crore. The CBI had earlier filed a chargesheet in December 2022 before a special court in Indore.
As part of its probe, the ED conducted searches in November 2024, leading to the seizure of cash and ornaments valued at around Rs 1.09 crore.
Investigations revealed that the company allegedly secured credit facilities worth Rs 42 crore by misrepresenting collateral securities. It also reportedly concealed an existing charge on one of the mortgaged properties with Kotak Mahindra Bank.
The agency further found that a substantial portion of the loan funds was diverted through cash credit accounts to related entities and sister concerns without legitimate business purposes, indicating fund diversion and layering in violation of PMLA provisions.
Earlier in the investigation, the ED had provisionally attached two immovable properties worth approximately Rs 12.62 crore. These include agricultural land and a commercial plot located in Kolar tehsil of Bhopal district.
Officials confirmed that further investigation into the case is ongoing.