Indore, February 13: The Enforcement Directorate (ED) announced on Friday that it has temporarily frozen assets worth ₹10.15 crore belonging to Ruchi Acroni Industries Limited, based in Indore.
The federal investigative agency stated that its sub-zonal office prepared the attachment draft on Thursday under the Prevention of Money Laundering Act (PMLA), 2002. The attached properties are registered land in the name of Ruchi Acroni Industries Limited.
In a statement, the ED mentioned, “An investigation was initiated based on an FIR filed by the CBI and ACB, Bhopal, against Ruchi Acroni Industries Limited under Section 13(1)(D) of the Prevention of Corruption Act, 1988, and Sections 420 and 120-B of the Indian Penal Code, 1860. This was related to alleged fraud involving UCO Bank, Indore, resulting in a loss exceeding ₹58 crore.”
During the investigation, it was revealed that Ruchi Acroni Industries Limited, now known as Steeltech Resources Limited, had fraudulently diverted funds by investing in its group companies and providing loans and advances to its associates.
The inquiry also uncovered that fraudulent credit facilities and letters of credit were obtained based on forged, fabricated, and manipulated documents without any legitimate underlying trade. The earnings generated from these activities were deliberately diverted through a complex web of interlinked entities under common ownership and control.
The ED further stated that the illegally siphoned funds were systematically layered and later used to acquire various properties.
Previously, in December 2025, the ED conducted search and seizure operations in this case. The agency clarified that further investigations are ongoing.
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