ED Freezes Rs 34.51 Crore Assets in Mumbai Money Laundering Case
Synopsis
In a significant move, the ED has provisionally frozen assets worth Rs 34.51 crore in Mumbai as part of an ongoing investigation into money laundering activities linked to prominent individuals associated with the United Services Club.
Key Takeaways
ED has provisionally attached assets worth Rs 34.51 crore.
Investigation linked to money laundering activities.
Multiple fraudulent bank accounts were created.
Funds misappropriated from the United Services Club.
Ongoing investigations may reveal further details.
Mumbai, March 23 (NationPress) - The Enforcement Directorate (ED) has provisionally seized 35 movable and immovable assets valued at Rs 34.51 crore in connection with a money laundering investigation in Mumbai, as stated in an official announcement on Monday.
The seized properties comprise flats, shops, and fixed deposits that are purportedly connected to Bernadette Bharat Varma, Bharatkumar Shankarlal Varma, and several other individuals.
This action was executed by the ED’s Mumbai Zonal Office in accordance with the Prevention of Money Laundering Act (PMLA), 2002.
The ED began its probe following an FIR filed on February 25, 2025, by the Cuffe Parade Police Station under various sections of the Bharatiya Nyaya Sanhita (BNS), 2023.
As per the agency, Bernadette Bharat Varma, who held the position of Deputy Secretary (Finance) at the United Services Club, allegedly conspired with her husband to fabricate multiple fraudulent bank accounts under names similar to those of actual vendors associated with the club.
Through these accounts, funds totaling approximately Rs 77 crore were reportedly misappropriated from the United Services Club.
The ED stated that the misallocated funds, classified as proceeds of crime, were subsequently funneled into the personal and joint bank accounts of the accused, their relatives, and associates. The misappropriated money was directed to dummy bank accounts under the names of US Club vendors, as well as accounts belonging to Bernadette Varma, Bharat Varma, and Jyotirgamay Foundation (Trust), among others.
Further investigations disclosed that the accused utilized the proceeds from their crimes to acquire numerous immovable assets and invested a portion into fixed deposits across various banking institutions.
Moreover, approximately Rs 11 crore was allegedly transferred to the account of M/s Jyotirgamay Foundation (Trust). These funds were subsequently routed to accounts associated with Chandra Prakash Pandey, his family, and businesses he controls. Pandey is reported to have ties with the United Services Club as a Chartered Accountant.
Ongoing investigations into the matter are continuing.
Point of View
It is crucial to uphold accountability and ensure that the rule of law prevails.
NationPress
20 Jun 2026
Frequently Asked Questions
What prompted the ED's investigation?
The ED's investigation was initiated based on an FIR filed by the Cuffe Parade Police Station regarding potential money laundering activities.
Who are the individuals involved in this case?
The case involves Bernadette Bharat Varma, Bharatkumar Shankarlal Varma, and others allegedly connected to fraudulent activities.
What are the assets that were attached?
The attached assets include flats, shops, and fixed deposits valued at Rs 34.51 crore.
How much money was allegedly siphoned from the United Services Club?
Approximately Rs 77 crore was reportedly misappropriated from the United Services Club.
Is the investigation still ongoing?
Yes, further investigations into the case are currently underway.
