Indore, Feb 20 (NationPress) — The Directorate of Enforcement (ED) from the Indore Sub-Zonal Office has provisionally attached a valuable piece of land estimated at ₹5.13 crore belonging to Neeta Shahra, spouse of Umesh Shahra, as part of the Prevention of Money Laundering Act (PMLA), 2002.

The attachment order was officially issued on February 17, 2026, as stated in a press announcement from the investigation agency.

This action is part of an ongoing inquiry into M/s Ruchi Global Ltd. (now rebranded as M/s Agrotrade Enterprises Ltd.), a firm established by the late Kailash Chandra Shahra and Umesh Shahra.

The ED's investigation was initiated due to a First Information Report (FIR) filed by the Central Bureau of Investigation (CBI), AC-IV, Vyapam, Bhopal, against the company and its affiliates under Sections 13(2) and 13(1)(d) of the Prevention of Corruption Act, 1988, along with Section 120-B in conjunction with Section 420 of the Indian Penal Code, 1860, it elaborated.

The ED claims that the company allegedly defrauded a banking consortium led by Bank of Baroda (previously Dena Bank) for an amount exceeding ₹188.35 crore.

Investigations uncovered that the accused fraudulently secured credit facilities and Letters of Credit using forged, fabricated, and manipulated documents, without any legitimate underlying trade transactions.

Funds generated from these facilities were purportedly misused and funneled through investments in affiliated companies, as well as loans and advances to associated and group entities.

The illicitly acquired capital was intricately layered through a convoluted network of interconnected entities under shared ownership and control before being redirected back to the borrower company.

These misappropriated funds were systematically employed to purchase various assets, including the land now attached.

This marks the latest update in the case, following ED raids conducted in December 2025 at the residences of Umesh Shahra and others concerning related bank fraud claims involving Ruchi Group entities.

The ED has indicated that further investigations are underway to trace additional proceeds of crime and identify all involved parties.

The provisional attachment is aimed at preventing the dissipation of assets obtained through the alleged money laundering activities.

This case underscores the ongoing scrutiny of corporate frauds related to the diversion of bank funds in Madhya Pradesh and beyond, with agencies pledging to take stringent action against economic offenders.