What Properties Did ED Attach Valued at Rs 4.65 Crore in the Shree Om Fab Bank Fraud Case?
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Synopsis
In a significant development, the Enforcement Directorate has provisionally attached properties worth Rs 4.65 crore linked to the Shree Om Fab bank fraud case. This action underscores the ongoing battle against financial fraud and highlights the intricate web of deceit involving bank officials and the accused. Stay tuned for updates on this evolving story!
Key Takeaways
- ED's attachment highlights efforts against financial fraud.
- Properties valued at Rs 4.65 crore linked to fraud.
- Ongoing investigations aim to hold the accused accountable.
- Fraudulent activities involved false records and collusion.
- CBI's initial FIR sparked the investigation.
Ahmedabad, Jan 19 (NationPress) The Enforcement Directorate (ED) has provisionally attached two immovable properties linked to a bank fraud and money laundering investigation involving Shree Om Fab and others, as reported by officials on Monday.
The attachment took place on January 12, 2026, under the Prevention of Money Laundering Act (PMLA), 2002.
The properties in question, owned by accused individuals Prem Devi Loonia and Payal Choksey, were initially valued at Rs 53.50 lakh, but their current market valuation has surged to approximately Rs 4.65 crore.
This case traces back to an FIR filed by the Central Bureau of Investigation (CBI) on May 24, 2018, following a complaint from the Oriental Bank of Commerce.
The CBI's charge sheet, submitted on December 16, 2019, identified M/s Shree Om Fab (proprietor Ranjit Loonia) and others as suspects.
Investigations by the CBI revealed that credit facilities totaling Rs 9.95 crore (or Rs 10.932 crore with interest as of NPA date) were granted to M/s Shree Om Fab, M/s Shree Baba Textile, and M/s Shree Laxmi Fab, all owned by Ranjit Loonia.
The accused purportedly conspired with panel valuer Mayur Shah and bank officials, defrauding the bank through false business records, document forgery, and fictitious valuation reports to secure loans.
Further inquiries indicated that instead of using the sanctioned cash-credit limits for legitimate business activities, the loan funds were redirected into various bank accounts devoid of authentic transactions.
The misappropriated funds were then withdrawn as cash and utilized for purchasing bullion, repaying housing loans, and other personal expenditures.
Following the CBI FIR and charge sheet, the ED commenced an investigation under the PMLA, 2002.
Previously, searches at the residences of the accused resulted in the seizure of valuables worth approximately Rs 3.67 crore.
During the PMLA investigation, it was confirmed that housing loan repayments for two properties—one in Prayag Residency and the other in Siesta Dwelling—were funded through the fraudulently acquired loan accounts.
Consequently, the ED issued the current Provisional Attachment Order on January 12, 2026.
This recent action has raised the total market value of properties seized and attached by the ED in this case to nearly Rs 8.30 crore.
The central investigation agency has stated that further inquiries are underway.
Point of View
It's crucial to highlight the systemic issues that allow such financial frauds to occur. The Enforcement Directorate's actions reflect a commitment to accountability, emphasizing the importance of safeguarding financial institutions against such fraudulent activities. The ongoing investigations will hopefully lead to a more transparent banking system.
NationPress
19/01/2026
Frequently Asked Questions
What is the basis for the ED's attachment of properties?
The ED's attachment is based on the allegations of bank fraud and money laundering linked to Shree Om Fab, as part of investigations initiated under the Prevention of Money Laundering Act.
How much are the attached properties valued at?
The attached properties are currently valued at approximately Rs 4.65 crore.
What were the fraudulent activities involved?
The accused allegedly conspired to submit false business records, forged documents, and produced fake valuation reports to secure loans from the bank.
Who initiated the investigation into Shree Om Fab?
The investigation was initiated by the Central Bureau of Investigation (CBI) following a complaint from the Oriental Bank of Commerce.
What is the total value of properties seized by the ED in this case?
The cumulative market value of properties seized and attached by the ED has reached nearly Rs 8.30 crore.
