New Delhi: The Enforcement Directorate (ED) has taken further action against assets linked to Dinesh Gupta, Managing Director (MD) of Best Foods Ltd. (BFL), in an alleged ₹1,740.30 crore bank fraud and money laundering case. The agency has provisionally attached 54 additional properties under the Prevention of Money Laundering Act (PMLA), 2002, with an estimated value of ₹92.91 crore.
According to the ED, the action was carried out through a second Provisional Attachment Order (PAO) issued on 17 July 2026. The attached assets include two movable properties and 52 immovable properties. With this latest action, the total value of assets attached in the case has increased to approximately ₹266.58 crore.
The agency stated that the money laundering investigation was initiated based on an FIR registered by the Central Bureau of Investigation (CBI), Anti-Corruption Branch-V, New Delhi. The case was registered under various provisions of the Indian Penal Code (IPC) and the Prevention of Corruption Act following a complaint filed by the State Bank of India’s (SBI) Stressed Assets Management Branch, Chandigarh, on 6 August 2020.
According to the ED, Best Foods Ltd., which was engaged in processing and marketing premium Basmati rice under brands such as Best Premium, Best Super Premium, Best Select, and Best Special, allegedly misused credit facilities sanctioned by an SBI-led consortium of banks and diverted funds through various channels.
The investigating agency has alleged that the company had outstanding dues of around ₹1,740.30 crore to banks. During the investigation, the ED claimed that loan funds were routed through a network of alleged shell and dummy entities created in the names of employees, relatives, and associates linked to Dinesh Gupta.
The ED further alleged that the diverted funds were layered through fictitious trading transactions and subsequently invested in real estate and other companies. According to the agency, the beneficial ownership of these assets allegedly remained with Dinesh Gupta, while the properties were shown in the names of other individuals or entities in official records.
During the investigation, the ED conducted search operations between 15 July and 17 July 2025 at the premises of Dinesh Gupta and entities associated with him. During these searches, the agency claimed to have recovered incriminating documents and digital evidence. Five high-end vehicles were also frozen under the provisions of the PMLA. In addition, survey operations under Section 16 of the PMLA were carried out on 15 July and 16 July 2025.
The ED arrested Dinesh Gupta on 8 August 2025 under Section 19(1) of the PMLA. However, he was later granted bail by the Delhi High Court on 30 May 2026.
Earlier, on 4 October 2025, the ED issued its first Provisional Attachment Order and attached immovable properties worth approximately ₹173.67 crore in the same case. The agency alleged that these properties were acquired in the names of dummy entities and associates but were beneficially owned and controlled by Dinesh Gupta. The attachment was subsequently confirmed by the competent adjudicating authority.
The ED had also filed a prosecution complaint before the Special PMLA Court in New Delhi on 4 October 2025, following which the court took cognisance of the complaint on 29 November 2025.
The agency said that further investigation revealed additional alleged proceeds of crime in the form of residential and commercial properties, along with bank deposits held in the names of various shell entities and individuals but allegedly controlled by Dinesh Gupta. Based on these findings, the second PAO was issued on 17 July 2026, attaching additional assets worth ₹92.91 crore.
The Enforcement Directorate stated that further investigation into the alleged money laundering case is underway. The agency is examining the alleged diversion of funds, actual ownership of assets, and other aspects related to the suspected bank fraud.
