Investigation reveals two FIRs behind ₹307 cr Indore bank fraud, land seized

A detailed probe by the Enforcement Directorate (ED) into a multi‑crore bank fraud has uncovered two parallel criminal complaints that formed the basis of its action. The agency’s Indore sub‑regional office issued a temporary attachment order on September 10, 2026, freezing three commercial land plots in Hukmakhedi village, collectively worth about ₹3.91 crore.

The first complaint, lodged by the CBI’s Anti‑Corruption Bureau in Bhopal, pointed to Utkarsh Trivedi and several co‑accused for allegedly cheating Punjab National Bank of ₹57.47 crore. The second complaint, filed by the CBI’s Economic Offences Wing in Mumbai, named Niyo Corp International Limited and its directors Sunil Kumar Trivedi, Utkarsh Trivedi and others for a massive ₹249.97 crore loss to the State Bank of India.

Investigators found that money extracted from the banks was moved through a series of intermediary firms under the control of the Trivedi brothers. The funds eventually reached Vishwakarma Creations Private Limited, which bought the three land parcels using the illicit proceeds. The attachment is intended to prevent any disposal of the properties while the ED continues to trace the full money trail and work towards repatriating the stolen assets.

The case also references a prior seizure of a UK property valued at roughly ₹2.08 crore, underscoring the ED’s commitment to curbing cross‑border money‑laundering activities linked to Indian corporate fraud.