ED attaches ₹9.19 crore assets in Gujarat bank fraud case
Synopsis
The ED's Ahmedabad office has provisionally attached ₹9.19 crore in properties — including agricultural lands, a residential flat, and demat-held shares — in a ₹71.88 crore bank fraud case against Sayona Colors and Shamrock Chemie. It is the second such order, taking cumulative attachments to ₹9.62 crore, as investigators allege circular transactions were used to inflate bank credit limits.
Key Takeaways
The Enforcement Directorate (ED) provisionally attached assets worth ₹9.19 crore on 24 August in a bank fraud case linked to Sayona Colors Pvt Ltd , Ahmedabad.
This is the second provisional attachment order in the case; total attached assets now stand at ₹9.62 crore .
The underlying alleged bank fraud amounts to ₹71.88 crore , as per the ED.
A CBI FIR by the Bank Securities and Fraud Branch, Mumbai, named Sayona Colors , its director Paresh Patel , and Shamrock Chemie Pvt Ltd , among others.
Attached assets include four agricultural lands , two industrial lands , a residential flat , term deposits , and equity shares in two demat accounts.
The ED alleged circular transactions between group entities were used to induce banks to increase credit facilities.
The Enforcement Directorate (ED) has provisionally attached movable and immovable properties worth ₹9.19 crore in a bank fraud and money laundering case involving Ahmedabad-based Sayona Colors Private Limited and associated entities, the agency announced on Monday, 24 August. The action was carried out by the ED's Ahmedabad Zonal Office under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
Second Attachment, Cumulative Total Crosses ₹9.62 Crore
This is the second provisional attachment order in the case, bringing the total value of assets attached so far to ₹9.62 crore. The investigation was initiated on the basis of an FIR registered by the Central Bureau of Investigation's (CBI) Bank Securities and Fraud Branch (BS&FB), Mumbai, against Sayona Colors Pvt Ltd and its director Paresh Patel, Shamrock Chemie Pvt Ltd and its directors, and others. The alleged fraud against banks amounts to ₹71.88 crore, according to the ED.
How the Funds Were Allegedly Diverted
According to the ED, its investigation found that loan funds were allegedly diverted to sister concerns and group entities through bogus agreements and circular transactions. The agency alleged that Sayona Colors transferred loan funds to group companies either directly or by allegedly misusing Letter of Credit facilities.
The companies are also alleged to have entered into fraudulent agreements to facilitate the diversion. Notably, Sayona Colors and Shamrock Chemie reportedly routed funds among themselves and other group entities in circular transactions — a method allegedly used to induce banks into increasing their credit facilities.
Assets Covered Under the Latest Attachment
The latest provisional attachment covers four agricultural lands that, according to the ED, were directly acquired using diverted loan funds. The order also encompasses term deposits, two industrial lands, a residential flat, and equity shares held in two demat accounts. Funds were also allegedly used to acquire properties in the names of promoters and group entities.
Investigation Ongoing
The ED has stated that its action is part of a continuing probe into the alleged laundering and diversion of bank funds, and that further investigation is in progress. This case is part of a broader pattern of ED enforcement actions targeting alleged bank fraud through PMLA provisions, with Gujarat emerging as a recurring jurisdiction in such probes.
Point of View
A method that has appeared in several other ED actions this year. The ₹71.88 crore fraud figure against ₹9.62 crore attached so far suggests investigators are still tracing a significant portion of the alleged proceeds — the gap between alleged fraud and attached assets will be the real measure of how far this probe ultimately reaches.
NationPress
25 Aug 2026
Frequently Asked Questions
What is the ED's action against Sayona Colors about?
The Enforcement Directorate has provisionally attached properties worth ₹9.19 crore belonging to Sayona Colors Private Limited and associated entities in connection with an alleged ₹71.88 crore bank fraud and money laundering case. The action was taken under the Prevention of Money Laundering Act (PMLA), 2002, by the ED's Ahmedabad Zonal Office.
Who are the accused in the Sayona Colors bank fraud case?
The case names Sayona Colors Pvt Ltd and its director Paresh Patel, Shamrock Chemie Pvt Ltd and its directors, and others. The original FIR was registered by the CBI's Bank Securities and Fraud Branch in Mumbai.
What assets has the ED attached in this case?
The latest attachment covers four agricultural lands, two industrial lands, a residential flat, term deposits, and equity shares in two demat accounts. Combined with an earlier order, the total value of attached assets stands at ₹9.62 crore.
How were the bank funds allegedly diverted?
According to the ED, loan funds were diverted to sister concerns and group entities through bogus agreements and circular transactions. Sayona Colors allegedly misused Letter of Credit facilities to transfer funds, while circular routing between group companies was reportedly used to induce banks to raise their credit limits.
Is the ED investigation concluded?
No. The ED has stated that further investigation in the case is ongoing. The current attachments are provisional, and additional enforcement action could follow as the probe progresses.
