The Directorate of Enforcement (ED), Indore Sub-Zonal Office, has provisionally attached immovable properties of M/s Ruchi Acroni Industries Ltd. (now M/s Steeltech Resources Ltd.). On 12.02.2026, the ED attached immovable assets valued at ₹10.15 crore, consisting of land registered in the company’s name. The action has been taken under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
Background of the Investigation
The investigation was initiated based on an FIR registered with CBI, ACB, Bhopal, against M/s Ruchi Acroni Industries Ltd. and others under Section 13(1)(d) of the Prevention of Corruption Act, 1988 and Sections 120-B and 420 of the Indian Penal Code, 1860. These offences are classified as scheduled offences under PMLA.
The probe revealed that the company allegedly defrauded UCO Bank, Indore, resulting in a wrongful loss of over ₹58 crore. The company allegedly siphoned funds to its group and associate companies through loans and advances without any genuine underlying business transactions.
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Modus Operandi and Fund Diversion
ED’s investigation established that the company obtained credit facilities and Letters of Credit (LCs) fraudulently, using forged, fabricated, and manipulated documents, with no real trade backing.
The misappropriated funds were systematically layered and routed through interlinked entities under common ownership and control, ultimately routed back to the borrower company. This elaborate layering enabled the perpetrators to utilize the illegally siphoned funds for acquiring multiple immovable properties.
The probe confirmed that the scheme was well-orchestrated and executed with the active participation of directors controlling the group companies.
Previous Searches and Seizures
Earlier, in December 2025, ED, Indore conducted search and seizure operations, during which incriminating documents and records of fraudulent transactions were seized.
ED Action and Significance
The ED clarified that the attached properties are intended to safeguard the interests of the bank and investors and to prevent further diversion of illicit funds. The action underscores that misuse of bank funds and money laundering will not be tolerated.
Ongoing Investigation
The investigation remains ongoing, with authorities reviewing additional evidence. ED is examining the role of other company officials and group entities to determine how funds were diverted and converted into immovable assets. Additional attachments and legal proceedings are likely based on emerging findings.
The Ruchi Acroni Industries (Steeltech Resources) case highlights systematic bank fraud and money laundering through corporate layering and fraudulent documents. The ED’s proactive attachment of assets demonstrates that the agency vigorously pursues all aspects of financial irregularities and money laundering.
The ongoing probe and attachment of properties send a clear message that the protection of public interest and the integrity of financial institutions remains a top priority for the enforcement authorities.
About the author – Rehan Khan is a law student and legal journalist with a keen interest in cybercrime, digital fraud, and emerging technology laws. He writes on the intersection of law, cybersecurity, and online safety, focusing on developments that impact individuals and institutions in India.
