New Delhi, April 28: The Enforcement Directorate (ED) has taken significant action by temporarily freezing assets valued at ₹7.76 crore linked to Ruchi Acroni Industries Limited, now known as Steeltech Resources Limited, in a money laundering case.
The frozen assets consist of parcels of land registered under the company’s name. This action was executed under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The ED initiated its investigation based on an FIR filed by the CBI and ACB Bhopal. The FIR alleges that the company defrauded UCO Bank in Indore, causing losses exceeding ₹58 crore. It is claimed that the company misappropriated funds by investing dishonestly in its group companies and manipulating loans and advances to affiliated entities.
The investigation revealed that the company obtained credit facilities and letters of credit based on forged, fabricated, and manipulated documents, lacking any genuine business activities.
Funds acquired through these means were systematically transferred elsewhere, layered, and then funneled back to the borrowing entity through a complex network of interconnected companies. This entire process aimed to disguise the illegally siphoned funds as legitimate, which were later used for purchasing various real estate properties.
According to the ED, this case exemplifies financial irregularities and the organized misuse of funds. Previously, the ED in Indore had already frozen assets worth ₹10.15 crore related to this case. The agency has clarified that further investigations are ongoing, and strict legal action will be taken against the offenders.
Arpit Soni has had a passion for journalism since the beginning. Now he has turned this hobby into his profession. Arpit, who is a resident of Udaipur, enjoys editing and writing news related to journalism. He has worked as a Senior Content Producer in several important roles at Bhaskar, Patrika, Pratahkal, Punjab Kesari, and Times. Arpit completed his schooling in Udaipur and Jaipur. He has been working in the media industry for more than 10 years, and his journey is still continuing. ✍️📚
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