- विज्ञापन -
The Mumbai zonal office of the Directorate of Enforcement (ED) has provisionally attached immovable properties worth Rs 24.52 crore belonging to Ajit Kulkarni and others under the Prevention of Money Laundering Act (PMLA), 2002, in connection with the bank fraud case involving Pratibha Industries Ltd. Mr. Kulkarni, the promoter of Pratibha Industries, is implicated in the case.
ED initiated its investigation following a First Information Report (FIR) filed by the Central Bureau of Investigation (CBI) in January 2023. This case stemmed from a complaint by the Bank of Baroda, which accused the company of defrauding a consortium of banks of Rs 4,957 crore.
The investigation revealed that the directors of Pratibha Industries conspired to cause financial losses to the banks while securing undue benefits for themselves. The fraudulent scheme involved diverting loan funds through manipulated financial transactions. The accused utilized various accommodation entry providers to facilitate circular trading, effectively laundering the proceeds of crime (POC). These illicit funds were then used to purchase immovable assets through third-party transactions.
In its crackdown, the ED had earlier conducted search operations on January 2, 2025, at 14 different locations across Mumbai and Delhi under the PMLA. These searches resulted in the freezing of bank balances and mutual funds amounting to Rs 5.4 crore. Additionally, investigators uncovered incriminating evidence related to the purchase of immovable properties.
Further investigations are ongoing, and additional assets may be identified and attached, according to the ED.
