New Delhi, April 28: The Enforcement Directorate (ED) has taken significant action in a major money laundering case by attaching properties worth ₹7.76 crores. This operation was carried out on Friday by the Indore sub-zonal office under the Prevention of Money Laundering Act (PMLA) of 2002. The case is linked to Ruchi Acroni Industries Limited, now known as Steeltech Resources Limited.
According to the ED, these properties are recorded as land under the company’s name. The investigation began based on an FIR lodged by the Central Bureau of Investigation (CBI) at its Bhopal ACB branch. The FIR accuses the company of defrauding UCO Bank in Indore of over ₹58 crores.
The investigation revealed that the company misused funds through investments and loans involving its group and associate companies. The ED discovered that the company obtained credit facilities and letters of credit from the bank based on forged and manipulated documents, despite having no legitimate business operations.
Further investigation uncovered that the funds were intricately routed back to the company through multiple entities. This entire process involved concealing the funds through ‘layering,’ and subsequently, various properties were purchased with the illicit money.
Notably, the ED had previously attached properties worth ₹10.15 crores in this case. A significant amount of illegal assets has been identified so far. The ED has clarified that the investigation is ongoing, and more revelations may emerge in the future.
My name is Narendra Jijhontiya. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including TECHNOLOGY, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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