The Enforcement Directorate (ED) has attached land worth Rs 7.76 crore belonging to M/s Ruchi Acroni Industries Ltd, now known as Steeltech Resources Ltd, under the Prevention of Money Laundering Act (PMLA). This action stems from a Central Bureau of Investigation (CBI) case alleging that the company defrauded UCO Bank's Indore branch of over Rs 58 crore.
Details of the Fraud
According to the ED, the company secured loans and credit facilities using forged and manipulated documents. It also opened letters of credit for business transactions that never took place. The funds were then routed through a complex network of interconnected companies and eventually used to purchase real estate, an official press release stated.
Previous Action
This is the second major attachment in the case. Earlier, the ED had seized properties valued at Rs 10.15 crore linked to the same entity.
The ED's investigation continues as part of efforts to recover proceeds of crime under the PMLA.
