ED Provisionally Attaches Kolkata Land in Rs 3,200 Crore Bank Fraud
The Enforcement Directorate has provisionally attached land measuring about 14.51 acres in Kolkata, valued at Rs 85.20 crore, as part of a money laundering investigation into a large bank fraud linked to Unity Infraprojects Limited.
The property is located at Mouza Chakgaria and stands in the name of Suburban Agriculture Dairy and Fisheries Private Limited. The ED said the attachment was carried out under Section 5(1) of the Prevention of Money Laundering Act, 2002, to stop any transfer or disposal of the asset while the process is pending.
The probe stems from an FIR registered by the CBI in Mumbai on a complaint from the State Bank of India. The case alleges that Unity Infraprojects Limited, working with its promoters, directors and group entities, cheated 23 banks of loan facilities worth roughly Rs 3,200 crore. With interest, the outstanding amount is estimated at about Rs 3,800 crore.
According to investigators, the alleged fraud included fake transactions, embezzlement, changes in financial records and transfers through fictitious companies.
The ED said its inquiry showed that money received from Unity Infraprojects Limited was sent through its fully owned subsidiary, Unity Realty and Developers Limited. The money was later used to acquire properties through associated firms. Suburban Agriculture Dairy and Fisheries Private Limited was identified as a step-down subsidiary of the parent company.
The agency found further evidence connecting the Chakgaria land with funds from the parent company and its group firms. This, it said, shows how proceeds of scheduled offences were manipulated and used at different levels.
In July 2025, the ED conducted raids at homes and offices linked to the company, its former directors and their family members, and also searched bank lockers. Movable assets worth Rs 31.21 crore were seized or frozen.
Earlier, three separate interim attachment orders covered land and flats worth around Rs 1,493 crore. The adjudicating authority under the PMLA later upheld these attachments.
With the latest action, the total value of attached or frozen movable and immovable assets in the case has climbed to nearly Rs 1,609 crore.
The ED had also filed a prosecution complaint on March 27, 2026, before the designated special court at the City Civil and Sessions Court in Greater Bombay, Mumbai. The investigation is ongoing.