ED Attaches ₹9.19 Crore Assets In ₹71.88-Crore Sayona Colors Bank Fraud Case

Mumbai, August 24, 2026: The Enforcement Directorate (ED) has provisionally attached movable and immovable properties worth Rs 9.19 crore in connection with a bank fraud case involving Sayona Colors Pvt Ltd and others, alleging that loan funds were diverted to promoters and group companies through bogus agreements and circular transactions, the central agency said on Monday.

The latest attachment includes four agricultural land parcels allegedly acquired using diverted loan funds, besides term deposits, two industrial land parcels, a residential flat and equity shares held in two demat accounts. The ED said the properties were identified as proceeds of crime generated from the alleged diversion and misuse of bank funds.

Total Attachments Reach Rs 9.62 Crore

The attachment, made under the Prevention of Money Laundering Act (PMLA), takes the total value of assets attached in the case to Rs 9.62 crore. It is the second provisional attachment order issued by the agency in the case.

The ED’s Ahmedabad Zonal Office initiated the money-laundering investigation on the basis of an FIR registered by the CBI’s Banking Securities and Fraud Branch (BS&FB), Mumbai, against Sayona Colors, its director Paresh D Patel, Shamrock Chemie Pvt Ltd, its directors and others.

Loan Funds Allegedly Diverted

According to the ED, the accused allegedly defrauded banks of Rs 71.88 crore by diverting loan funds to sister concerns through bogus agreements and circular transactions, allegedly to secure higher credit limits.

The investigation found that Sayona Colors allegedly used the loan funds to acquire properties in the names of its promoters and group entities. The funds were also allegedly transferred to group companies, either directly or through the misuse of Letter of Credit (LC) facilities.

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The agency further alleged that Sayona Colors and Shamrock Chemie routed funds among themselves and other group entities through circular transactions. Such transactions, the ED alleged, were used to create an inflated financial picture and induce banks to enhance the credit facilities extended to the companies.

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