Mumbai, November 2, 2026: The Enforcement Directorate (ED) has attached assets worth Rs 53.95 crore in connection with an alleged Rs 2,296-crore bank fraud involving Parekh Aluminex Ltd (PAL), taking the total value of assets attached in the case to around Rs 546 crore.
The provisional attachment of movable and immovable properties was carried out by the ED’s Mumbai Zone-I under the Prevention of Money Laundering Act (PMLA). The agency had earlier attached assets worth around Rs 493 crore in the case.
Probe Based On CBI Bank Fraud Cases
The ED initiated its money laundering probe on the basis of FIRs registered by the CBI’s Economic Offences Wing (EOW), Mumbai, against PAL and others for allegedly cheating a consortium of 17 banks through criminal conspiracy and fraudulent loan transactions.
According to the ED, PAL allegedly availed loans from the consortium by submitting inflated stock and debtor statements. The loan accounts subsequently turned into non-performing assets (NPAs), with outstanding dues of approximately Rs 2,296 crore.
ED Tracks Alleged Diversion Of Funds
During the investigation, the ED found that the J K Shah Group allegedly assisted in diverting proceeds of crime worth Rs 110.54 crore through various entities and individuals. The group was also allegedly a beneficiary of the proceeds of crime, having received and enjoyed approximately Rs 70.25 crore, the ED said.
Also Watch:
During the probe, the ED identified the alleged diversion and utilisation of these funds as part of the money laundering linked to the bank fraud.
To get details on exclusive and budget-friendly property deals in Mumbai & surrounding regions, do visit: https://budgetproperties.in/
