What Actions Did ED Take in the Rs 10.99 Lakh Bank Fraud Case Linked to a Surat Firm?

Surat, July 2 (NationPress) - The Enforcement Directorate (ED), Surat Sub Zonal Office, has provisionally attached movable assets worth Rs 10.99 lakh under the Prevention of Money Laundering Act (PMLA), 2002.

This action is part of a broader investigation against M/s Mobi Tech and associated parties involved in a bank fraud and corruption case. The ED initiated this probe following a CBI FIR registered by the Anti-Corruption Branch (ACB) in Gandhinagar, which named Milind Patel, the proprietor of M/s Mobi Tech, along with others for purported corruption, criminal conspiracy, and related offences.

Investigations indicated that Mobi Tech obtained a loan of Rs 5 crore from the former State Bank of Bikaner and Jaipur (now merged with the State Bank of India) and subsequently misappropriated these funds by diverting them to multiple entities. This fraudulent diversion resulted in a loss of Rs 3.12 crore to the bank. Among the entities benefiting from the misappropriated funds was M/s Celution Corporation, a partnership firm connected to Rishit Bharatkumar Shah.

The federal agency discovered that the firm received a portion of the proceeds of crime (PoC). As a result, a bank account under Shah’s name containing Rs 10.99 lakh has been provisionally attached. This is not the first such action in this case — the ED had previously issued a Provisional Attachment Order for around Rs 11 lakh.

Authorities have stated that further investigations are ongoing. In 2025, Gujarat has witnessed a series of high-profile actions by the Enforcement Directorate (ED) under the PMLA, involving politicians, businessmen, media personalities, and bureaucrats.

One notable case involved the Rs 2,700 crore Nexa Evergreen real estate scam, where the ED conducted raids at 24 locations across Gujarat and Rajasthan, including Ahmedabad. The firm is accused of defrauding over 62,000 investors by falsely promising land parcels in Dholera Smart City. During this operation, cash amounting to Rs 2.03 crore was seized, and 10 bank accounts were frozen.

In another significant operation, the ED froze Rs 2 crore in bank accounts and seized Rs 30 lakh in cash and cryptocurrency during raids concerning a Waqf Board land scam in Ahmedabad. This case involves the illegal leasing of trust land and misappropriation of rent by a syndicate allegedly led by Salim Khan Jumma Khan Pathan.

Additionally, the ED has taken action against Avon Cold Storage Pvt Ltd, filing a prosecution complaint for bank fraud and siphoning of funds using forged documents.

The media has also faced scrutiny, with the ED arresting Bahubali Shah, 73, the director of Gujarat Samachar Ltd and Lok Prakashan, in a money laundering case related to a CBI-ACB FIR. He was granted interim medical bail.

Similarly, journalist Mahesh Langa was charge-sheeted under PMLA for alleged extortion and utilizing media influence to gain benefits. The court approved the attachment of his office premises.