ED Attaches Properties Worth ₹35.52 Crore Linked To DSPL

Bhopal (Madhya Pradesh): The Directorate of Enforcement (ED), Indore, has provisionally attached immovable properties valued at Rs 35.52 crore under the provisions of the Prevention of Money Laundering Act in connection with a money laundering investigation against M/s Dhanlaxmi Solvex Pvt. Ltd. (DSPL), its directors, and associated entities and persons, officials said on Tuesday.

The ED investigation is based on an FIR registered by the Central Bureau of Investigation (CBI) based on a complaint filed by a consortium of banks led by four nationalised banks.

The complaint alleged that the accused persons fraudulently availed various credit facilities from the consortium banks and caused a wrongful loss of Rs 356.31 crore to the lender banks.

The ED investigation revealed that the company and its promoters and directors allegedly obtained bank loans and credit facilities through misrepresentation and thereafter diverted and siphoned off the loan funds through a network of related entities.

The investigation further revealed large-scale circular trading, bogus transactions, accommodation entries, and misuse of Letters of Credit (LCs), resulting in laundering of the proceeds of crime through various entities controlled by the accused persons and their associates.

During the course of investigation, the ED conducted search operations on February 26, 2026, at five locations in Indore and Dewas.

Various incriminating documents, digital devices, and financial records were seized during the search operations.

19 immovable properties attached

Based on the material gathered during the investigation, the ED has provisionally attached 19 immovable properties having a total value of Rs 35.52 crore.

The attached properties comprise residential flats and land parcels situated in Indore and Shajapur districts of the state and are held in the names of the accused persons.