ED Seizes Properties Worth Rs 4.65 Crore in Ahmedabad Bank Fraud Case
The Enforcement Directorate's Ahmedabad zonal office has taken decisive action in a significant bank fraud case. On January 12, the agency provisionally attached two immovable properties. These assets have a current market value of approximately Rs 4.65 crore.
Properties and the Accused
The attached properties are registered in the names of Prem Devi Loonia and Payal Choksey. This move is directly connected to a criminal investigation into alleged bank fraud.
The Central Bureau of Investigation initially registered an FIR in May 2018. The case targeted M/s Shree Om Fab, a proprietorship firm owned by Ranjit Loonia, and other individuals. Oriental Bank of Commerce lodged the original complaint that triggered the investigation.
Details of the Alleged Fraud
According to a chargesheet filed by the CBI in December 2019, Ranjit Loonia received a sanctioned credit limit of Rs 9.95 crore. With added interest, the total amount reached about Rs 10.9 crore.
The Enforcement Directorate's official release outlines the alleged conspiracy. Loonia and others supposedly cheated the bank through a coordinated scheme. They provided false business records and created forged documents. The accused also submitted a fake valuation report for mortgaged properties to secure the loans.
Investigators claim Loonia diverted the loan funds into various bank accounts. He then withdrew the money for personal use. The funds allegedly purchased bullion and repaid a house loan, among other purposes.
PMLA Investigation and Recovery
The ED probed the case under the Prevention of Money Laundering Act of 2002. During this investigation, the agency already recovered valuables worth Rs 3.67 crore.
Further scrutiny revealed a critical detail. The repayment for housing loans on the two attached properties was made using funds routed from the fraudulent loan accounts. This discovery directly linked the properties to the proceeds of the alleged crime.
Consequently, the Enforcement Directorate issued the provisional attachment order on January 12. The total market value of all properties seized or attached by the ED in this case now stands at roughly Rs 8.30 crore.
