Bhopal (Madhya Pradesh): Directorate of Enforcement (ED), Indore, has filed a prosecution complaint before the Special Court, Indore, against 21 accused persons and entities in the bank fraud case involving M/s Ruchi Global Limited, now known as M/s Agrotrade Enterprises Limited, on Thursday, said officials.
The court has issued notices to the accused for a pre-cognizance hearing.
ED initiated an investigation on the basis of an FIR registered by the CBI, Bhopal, against M/s Ruchi Global Limited (RGL) and its directors, alleging wrongful loss to the consortium banks.
Investigation has revealed that the company fraudulently availed non-fund-based credit facilities, such as Letters of Credit (LCs), aggregating Rs 66 crore, from the consortium banks in favour of related associate concerns.
These LCs were opened under the guise of purchasing agro-commodities against fabricated documents, including forged bills of exchange and fake lorry receipts. Upon discounting of these bills through negotiating banks, the proceeds of crime were rapidly layered through a network of shell, layering entities and integrated back into the bank accounts of the company within one to three days.
Due to non-payment by RGL on the due dates, all LCs devolved upon the issuing banks, resulting in a wrongful loss to the consortium banks. Earlier, during the investigation, ED conducted search operations on Dec 23, 2025, leading to the seizure of unaccounted cash amounting to Rs 23.50 lakh and the freezing of bank accounts.
Furthermore, a provisional attachment order was issued on Feb 18, 2026, attaching immovable property valued at Rs 5.13 crore.
