Ahmedabad, August 25: The Enforcement Directorate (ED) has taken significant action in a bank fraud case involving Sayona Colors Private Limited and related entities. The agency has temporarily frozen assets valued at ₹9.19 crores under the Prevention of Money Laundering Act, 2002.
The investigation was initiated based on an FIR registered by the CBI’s Banking Securities and Fraud Branch in Mumbai. The FIR accuses Sayona Colors Private Limited, its director Paresh D. Patel, Shamrock Chemie Private Limited, and their directors of defrauding banks to the tune of ₹71.88 crores.
During the investigation, the ED discovered that the company misused loan amounts to purchase assets in the names of its promoters and other group companies. The agency noted that Letter of Credit facilities were also misused, with loan amounts transferred to various group companies.
The inquiry revealed that the involved companies engaged in fraudulent agreements among themselves, conducting suspicious financial transactions to misuse the loan amounts. It is alleged that Sayona Colors and Shamrock Chemie, along with other group companies, executed round-tripping of funds, prompting banks to approve larger loan facilities.
The assets frozen by the ED include four agricultural lands, two industrial plots, one residential flat, fixed deposits, and equity shares held in two demat accounts. According to the investigation agency, many of these assets were reportedly acquired through the misuse of loan amounts.
This is the second temporary freezing order issued in this case, bringing the total value of assets frozen so far to ₹9.62 crores. ED officials stated that further investigations are ongoing to trace the flow of funds, identify the roles of related companies, and uncover other potential beneficiaries.
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