ED attaches properties worth Rs 35 crore of Suumaya Group under PMLA

January 14, 2026

Mumbai: The Directorate of Enforcement’s (ED) Mumbai Zonal Office has provisionally attached movable and immovable assets worth approximately Rs 35.22 crore under the Prevention of Money Laundering Act (PMLA) in a case involving M/s Suumaya Group and others, an official statement said on Wednesday.

What Assets Have Been Attached

The attached properties include bank balances, demat holdings, mutual fund investments and two immovable properties, the ED said.

Case Origin: FIR and Allegations of Fraud

The financial probe agency initiated its investigation based on an FIR registered by Worli Police Station against several individuals and entities, including M/s Suumaya Industries Ltd and its promoters, under various sections of the Indian Penal Code.
According to the ED, the accused conspired to embezzle funds amounting to Rs 137 crore by luring investors with promises of future benefits under a purported “Need to Feed” programme.

Fake Government Contract and Fabricated Turnover

The investigation revealed that the Suumaya Group and its associates fabricated a bogus Haryana government contract under the guise of the “Need to Feed” programme to raise funds and secure trade financing.
The group allegedly projected non-existent business operations as legitimate turnover.

Diversion of Funds Through Shell Entities

ED findings indicate that funds received by Suumaya Group entities were diverted by promoter Ushik Gala to dummy agro-trader entities based in Delhi and Haryana through intermediaries to falsely show genuine procurement activities.
No actual agro purchases took place. Instead, the diverted funds were allegedly routed back to Gala through cash and RTGS transactions using shell entities.

Circular Transactions and Artificial Inflation of Turnover

The agency stated that Suumaya Group created fake invoices and lorry receipts to simulate large-scale trade, resulting in circular transactions worth nearly Rs 5,000 crore, of which only about 10 per cent were genuine.
These transactions allegedly inflated the group’s turnover from Rs 210 crore to Rs 6,700 crore within two years, leading to a sharp and misleading rise in share prices and misrepresentation to investors.

Searches, Seizures and Arrest

Earlier, the ED conducted searches at 19 locations across Mumbai, Delhi and Gurugram, seizing movable assets worth Rs 3.9 crore along with financial and digital records allegedly evidencing money laundering and fund diversion.
During the investigation, the ED arrested promoter Ushik Gala under Section 19 of the PMLA on November 17, 2025.