Enforcement Directorate Attaches ₹35.22 Crore Assets In Suumaya Group Money Laundering Case

Mumbai, Jan 15: The Enforcement Directorate (ED) has provisionally attached movable and immovable properties worth Rs 35.22 crore in connection with a money-laundering probe against the Suumaya Group, officials said.

The attachment was carried out by the ED’s Mumbai zonal office under the Prevention of Money Laundering Act (PMLA), 2002. The assets include bank balances, demat holdings, mutual fund investments and two immovable properties.

The agency initiated its investigation based on an FIR registered by the Worli police against Suumaya Industries Ltd, its promoters, and other entities under various provisions of the Indian Penal Code. According to the financial probe agency, the accused allegedly conspired to siphon off funds worth around Rs 137 crore by luring investors with promises linked to a proposed “Need to Feed” programme.

The ED has alleged that the Suumaya Group and its associates allegedly fabricated a bogus Haryana government contract under the guise of the “Need to Feed” scheme to raise funds and secure trade financing. Officials claimed that non-existent business operations were falsely projected as genuine turnover to mislead lenders and investors.

According to the agency, promoter Ushik Gala diverted funds received by Suumaya group companies to Delhi- and Haryana-based dummy agro trading firms through an intermediary to create the appearance of legitimate procurement. “No actual agro purchases took place. The funds were routed back to the gala through a mix of cash transactions and RTGS transfers from shell entities,” an ED official said.

The ED further alleged that the group generated fake invoices and lorry receipts to show large volumes of trade, resulting in circular transactions amounting to nearly Rs 5,000 crore. Officials said only about 10% of these transactions were genuine. These circular transactions artificially inflated the turnover of the listed companies, and allegedly pushed Suumaya’s reported revenue from Rs 210 crore to Rs 6,700 crore within two years.

Officials said the inflated turnover led to an abnormal rise in the company’s share price, allegedly misleading investors in Suumaya’s listed group firms.

Earlier, the ED conducted searches at 19 locations across Mumbai, Delhi and Gurugram, during which movable assets worth Rs 3.9 crore were seized along with financial and digital records linked to the alleged money laundering offence.

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During the investigation, the agency arrested Ushik Gala, promoter of the Suumaya Group, on November 17, 2025, under Section 19 of the PMLA.

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