Indore, September 11 (Daily Kiran) : The Enforcement Directorate (ED) has taken significant action in a bank fraud and money laundering case involving ₹307.44 crore, temporarily attaching three commercial land assets valued at approximately ₹3.91 crore in Hukumkhedi village, Indore.
According to ED officials, this action was taken under the Prevention of Money Laundering Act (PMLA) of 2002. The attached properties are registered under M/S Vishwakarma Creations Private Limited and are linked to the bank fraud case associated with Neo Corp International Limited (NCIL) and its affiliates.
The temporary attachment order was issued on September 10, 2026. The investigation revealed that the company received proceeds from criminal activities related to the bank fraud, which resulted in significant losses for public sector banks totaling ₹307.44 crore. The ED’s inquiry was initiated based on two separate FIRs.
The first FIR was lodged by the Central Bureau of Investigation (CBI) Anti-Corruption Bureau in Bhopal against Utkarsh Trivedi and others, alleging a loss of ₹57.47 crore to Punjab National Bank. The second FIR was filed by the CBI’s Economic Offenses Wing in Mumbai against NCIL and its directors, including Sunil Kumar Trivedi and Utkarsh Trivedi, accusing them of causing a loss of ₹249.97 crore to the State Bank of India.
The ED’s investigation uncovered that large sums withdrawn from NCIL and related companies’ loan accounts were funneled through various intermediary companies controlled by Sunil Kumar Trivedi and Utkarsh Trivedi. The funds were transferred and concealed at multiple levels before reaching Vishwakarma Creations Private Limited, which subsequently utilized or spent the money through various means.
The inquiry also established that the land assets registered under Vishwakarma Creations were purchased with money acquired from criminal activities. The ED has attached these properties to prevent their transfer or sale.
Previously, the agency had temporarily attached a property valued at approximately ₹2.08 crore located at 24 Signet Avenue in Feltham, Middlesex, UK. This action aims to trace and recover the entire spectrum of funds derived from criminal activities.
The investigation into the roles of the companies and individuals involved is ongoing.
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