Indore ED Attaches 3 Hukmakhedi Land Parcels Worth ₹3.91 Crore In ₹307.44-Crore Bank Fraud Probe

Bhopal (Madhya Pradesh): The Directorate of Enforcement (ED), Indore, has issued a Provisional Attachment Order attaching three commercial parcels of land at village Hukmakhedi, Indore, officials said on Friday.

The property belongs to M/s Vishwakarma Creations Private Limited, which, as revealed during ED investigation, received proceeds of crime in a bank fraud and money laundering case involving Neo Corp International Limited (NCIL), Poly Logic International Limited (PLIPL) and their directors.

ED investigation was initiated based on two FIRs, one registered by CBI, ACB, Bhopal, against Utkarsh Trivedi and others, alleging cheating of a nationalised bank involving Rs 57.47 crore and another registered by CBI, EOW, Mumbai, against NCIL, its directors Sunil Kumar Trivedi, Utkarsh Trivedi and others, alleging wrongful loss of Rs 249.97 crore to another nationalised bank, making a combined loss to the public sector banks amounting to Rs 307.44 crore.

ED investigation revealed that M/s Vishwakarma Creations Private Limited received substantial funds through intermediary entities through routing and layering of funds originating from NCIL.

Funds originating from the loan accounts of NCIL and its related entities were routed through entities controlled and managed by Sunil Kumar Trivedi and Utkarsh Trivedi, thereby facilitating the diversion and layering of proceeds of crime.

The funds received by Vishwakarma Creations were subsequently utilised/dissipated. ED investigation further revealed that Vishwakarma Creations was in receipt of proceeds of crime from the accounts of NCIL and its related entities.

Accordingly, land parcels valued at approximately Rs 3.91 crore standing in the name of the company at village Hukmakhedi, Indore, have been provisionally attached under the provisions of PMLA, 2002.

Property abroad attached earlier

Earlier in this case, ED had provisionally attached an immovable property having value of around GBP 2,45,000 (Rs 2,08,44,600) situated in foreign jurisdiction at 24 Cygnet Avenue, Feltham, Middlesex TW14 0DX.