The Directorate of Enforcement (ED), Indore Sub-Zonal Office, has provisionally attached immovable properties in the case against Shrikant Ghante and others. On 12.02.2026, ED attached properties valued at ₹64.16 lakh, including plots and residential buildings registered in the names of Shrikant Ghante and Subhash Dubey. The action has been taken under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
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Background of Investigation
The ED investigation was initiated on the basis of an FIR registered at MG Road Police Station, Indore, against Shrikant Ghante and other office bearers of Nav Bharat Grih Nirman Cooperative Society Ltd., Indore under Sections 409, 420, and 120-B of the IPC, 1860, which are scheduled offences under the PMLA.
The objective of the investigation was to examine financial irregularities and fraudulent activities carried out in the cooperative society.
Key Fraud and Fund Diversion
The probe revealed that the Chairman, Vice-President, and Board Members of the society systematically defrauded the members. Land purchased with the society’s funds was sold to various individuals and entities, and the proceeds were illegally siphoned off.
ED found that the Proceeds of Crime were generated by cheating society members and by destroying unaccounted records of the proceeds from land sales. The illegally obtained funds were layered systematically and later used to acquire immovable properties.
The investigation highlighted that this was a well-orchestrated scheme executed with the involvement of several senior office bearers of the society.
ED Action and Attachment
The ED clarified that the attached properties were meant to protect the interests of society members and monitor illegally diverted funds. The move sends a clear signal that misuse of members’ funds and money laundering will not be tolerated.
Ongoing Investigation
The ED further stated that the investigation is ongoing, and based on new evidence, further attachments and legal action may be initiated.
The investigation is also examining the roles of other society members and officials in facilitating fund diversion and converting the illicit proceeds into immovable assets.
The Indore case highlights how members of Nav Bharat Grih Nirman Cooperative Society were defrauded, and funds were illegally diverted and layered to acquire immovable properties. The provisional attachment of ₹64.16 lakh worth of assets demonstrates that the ED is vigilant in tackling money laundering and financial irregularities.
The agency’s decisive action and ongoing probe underline that protection of members’ interests and tracing illicit assets are priorities.
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.
