Bhopal, April 15: The Enforcement Directorate (ED) has filed a prosecution complaint against Excel Vehicles Private Limited and its directors in a special court under the Prevention of Money Laundering Act (PMLA). This action took place on Monday at the Bhopal zonal office of the ED.
Following the issuance of a notice by the court, the accused appeared, where they received copies of the prosecution complaint and the documents relied upon by the prosecution.
This case is linked to a First Information Report (FIR) filed by the Central Bureau of Investigation (CBI) and the Anti-Corruption Bureau (ACB) in Bhopal. The complaint alleges that the company and its directors caused a loss of approximately ₹42 crores to the Bank of India through fraudulent activities, violating various provisions of the Indian Penal Code, 1860, and the Prevention of Corruption Act, 1988. The CBI had submitted a charge sheet to the Special Judicial Magistrate (CBI cases) in Indore on December 20, 2022.
During the ED’s money laundering investigation, a comprehensive search operation was conducted on November 6, 2024, resulting in the seizure of cash and jewelry worth around ₹1.09 crore. The investigation revealed that the company provided false information regarding collateral securities to obtain loans and concealed previous charges on one of the mortgaged properties from Kotak Mahindra Bank. Based on these facts, the company secured loan facilities of approximately ₹42 crores from the Bank of India.
Further investigation indicated that substantial amounts were transferred from the company’s cash credit accounts to various affiliated entities without any legitimate business reason. This process suggested diversion and embezzlement of funds, indicating layering and misuse under money laundering laws.
Previously, the ED had provisionally attached two immovable properties valued at approximately ₹12.62 crores in this case under the provisions of the PMLA. These include agricultural land in the Kolar tehsil of Bhopal district and a commercial plot. Ongoing investigations are expected to reveal more details in the future.
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