Indore, September 11 (Daily Kiran) : The Enforcement Directorate (ED) has temporarily seized 18 properties valued at over ₹13 crore in connection with a bank fraud case involving Alok Sharda and others. The action was taken under the Prevention of Money Laundering Act (PMLA), 2002, following an order issued on Thursday.
The investigation began based on two FIRs registered by the Economic Offences Wing (EOW) in Bhopal. These FIRs relate to allegations of fraud and forgery involving IDBI Bank and a non-banking financial institution, M/s Kisan Dhan Agri Financial Services Pvt Ltd.
According to the ED, Alok Sharda, the owner of M/s Sharda Warehouse in Manpur, Indore, misused the “Warehouse Receipt Finance Scheme.” He allegedly misrepresented the storage of agricultural products in the warehouse and issued warehouse receipts. Based on these receipts, loans were approved for 42 farmers against a total of 62,965 bags of soybeans and chickpeas.
Investigators found that the collateralized goods were removed and sold without authorization. The accused used fake or forged warehouse receipts, provided false information about stock availability, and concealed or destroyed records to secure and maintain loan facilities.
The ED stated in a press release that IDBI Bank incurred a wrongful loss of ₹14.04 crore due to these actions, with the accused benefiting equally. In a related transaction, M/s Kisan Dhan Agri Financial Services Pvt Ltd sanctioned ₹12.04 crore in warehouse receipt finance to Alok Sharda against the alleged agricultural products stored in the same warehouse. Subsequent investigations revealed a significant reduction in the pledged stock, which was removed and sold without obtaining necessary release or no-objection certificates from the lender.
Overall, Alok Sharda and his associates conspired to cause a wrongful loss of approximately ₹26 crore to IDBI Bank and M/s Kisan Dhan Agri Financial Services Pvt Ltd while benefiting themselves to the same extent.
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