The Enforcement Directorate (ED), through its Indore Sub-Zonal Office, has provisionally attached 19 immovable properties valued at ₹35.52 crore under the Prevention of Money Laundering Act (PMLA), 2002, as part of an ongoing money laundering investigation involving M/s Dhanlaxmi Solvex Pvt. Ltd. (DSPL), its directors and associated entities.
The attached assets include residential flats and land parcels located across Indore and Shajapur districts. According to an official statement, the properties are held in the names of the accused individuals and have been attached as part of the agency’s probe into the alleged diversion and laundering of funds.
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CBI FIR Triggered Money Laundering Probe
The ED’s investigation was initiated on the basis of a First Information Report registered by the Central Bureau of Investigation (CBI). The case originated from a formal complaint lodged by a consortium of banks led by the State Bank of India, which also included Union Bank of India, Bank of Maharashtra and Bank of Baroda.
The complaint alleged that DSPL fraudulently availed various credit facilities from the consortium, resulting in a wrongful financial loss of ₹356.31 crore to the lender banks.
Allegations of Misrepresentation and Fund Diversion
According to the ED, its investigation found that DSPL and its promoters had obtained bank loans and credit facilities through alleged misrepresentation. The agency stated that the loan proceeds were subsequently siphoned off and diverted through a network of related corporate entities.
Investigators are examining the movement of funds and transactions linked to the company and associated entities as part of the money laundering case.
Complex Corporate Network Under Scrutiny
The federal agency alleged that the accused engaged in large-scale circular trading, bogus transactions and accommodation entries. The ED further stated that Letters of Credit (LCs) were allegedly misused to launder proceeds of crime through various controlled entities.
The attachment of the properties forms part of the agency’s ongoing efforts to trace and secure assets allegedly linked to the suspected proceeds of crime while the investigation continues.
