The Enforcement Directorate (ED) has provisionally attached a Rs 5.13 crore immovable property in the Ruchi Global Ltd money laundering case under the Prevention of Money Laundering Act (PMLA), 2002.
The attachment order was issued on 17 February 2026 by the ED’s Indore Sub-Zonal Office. The case involves M/s Ruchi Global Ltd, now renamed M/s Agrotrade Enterprises Ltd.
The attached asset is a land parcel registered in the name of Mrs. Neeta Shahra, wife of Umesh Shahra.
Case Origin: CBI FIR Alleging Rs 188.35 Crore Bank Fraud
The ED initiated its probe based on a CBI FIR alleging a Rs 188.35 crore fraud on a bank consortium led by Bank of Baroda (formerly Dena Bank).
The FIR was registered by the Central Bureau of Investigation (CBI), AC-IV, Vyapam, Bhopal, under:
- Section 13(2) and 13(1)(d) of the Prevention of Corruption Act, 1988
- Section 120-B read with Section 420 of the Indian Penal Code, 1860
Investigators allege that the company caused wrongful losses exceeding Rs 188.35 crore to the lending banks.
Alleged Diversion and Siphoning of Loan Funds
ED findings indicate that loan funds were diverted and layered through related entities. According to the investigation:
- Credit facilities and Letters of Credit were obtained using forged and manipulated documents.
- The transactions lacked genuine trade backing.
- Funds were routed through investments in group companies and extended as loans to associate entities.
- The proceeds were circulated through interconnected entities under common control and routed back to the borrower.
The agency described the movement of funds as a structured layering process designed to obscure the origin of money.
Property Treated as Proceeds of Crime
The Rs 5.13 crore land parcel has been identified as proceeds of crime under PMLA.
Investigators state that diverted funds were later used to acquire immovable assets. The current attachment is linked to that alleged financial trail.
In December 2025, the ED conducted search operations at premises associated with Umesh Shahra and others connected to the case.
Investigation Status
The attachment is provisional and subject to confirmation through PMLA adjudication proceedings.
The ED continues to trace additional assets and financial linkages. Further action may follow based on evidence gathered during the ongoing probe.
Authorities have confirmed that the investigation remains active.
Source: ED Press Release dated 20/02/2026 regarding Ruchi Group Bank Fraud Case