The Enforcement Directorate (ED) has escalated its fight against money laundering with the attachment of ₹7.76 crore worth of land assets tied to the erstwhile Ruchi Acroni Industries Limited, rebranded as Steeltek Resources Limited. This provisional seizure, executed by ED’s Indore unit under PMLA 2002, targets properties held in the company’s records.
Stemming from a CBI-ACB Bhopal FIR, the case exposes a brazen ₹58 crore+ bank fraud at UCO Bank’s Indore branch. The firm allegedly siphoned funds via dubious group investments, sham loans to affiliates, and elaborate fund diversions.
Key findings highlight the use of fake documents for securing loans and LCs without underlying trade. Laundered money was cycled through layered transactions in a maze of shell companies, legitimized, and funneled back for property purchases.
Marking another blow after a prior ₹10.15 crore attachment, this move signals ED’s zero-tolerance stance. As the probe deepens, culprits face stringent prosecution, aiming to dismantle such fraudulent networks and recover public monies.
