ED seizes ₹13.44 crore in assets in United Services Club fraud case
Synopsis
The ED has now attached nearly ₹48 crore in assets across two rounds in the United Services Club fraud — with the latest seizure of ₹13.44 crore spanning Mumbai, Goa, and Madhya Pradesh. At the core: a Deputy Secretary (Finance) who allegedly used fake vendor accounts to siphon ₹77 crore, with a chartered accountant reportedly routing ₹11 crore through a trust.
Key Takeaways
The ED attached 13 properties worth ₹13.44 crore on 14 September 2026 across Mumbai , Goa , and Madhya Pradesh .
The accused include Bernadette Bharat Varma , Deputy Secretary (Finance) of the United Services Club , and her husband Bharatkumar Shankarlal Varma .
Approximately ₹77 crore was allegedly routed through fake vendor bank accounts created in names similar to legitimate Club vendors.
Chartered accountant Chandra Prakash Pandey is also under probe; ₹11 crore in alleged Proceeds of Crime was routed via Jyotirgamay Foundation to his accounts.
Earlier, 35 properties worth ₹34.51 crore were attached on 20 March , bringing total attachments in the case to roughly ₹47.95 crore .
The Enforcement Directorate (ED) has attached 13 immovable and movable properties — including a flat, a plot, fixed deposits, and bank balances — worth ₹13.44 crore across Mumbai, Goa, and Madhya Pradesh, in connection with a financial fraud allegedly orchestrated by functionaries and a chartered accountant of the United Services Club. The action was announced on 14 September 2026, the agency confirmed.
Who Was Targeted
The attachments, carried out by the ED Mumbai Zonal Office under the Prevention of Money Laundering Act, 2002 (PMLA), target assets belonging to Bernadette Bharat Varma, Bharatkumar Shankarlal Varma, and others. According to the ED, Bernadette Varma served as Deputy Secretary (Finance) of the United Services Club, while her husband Bharatkumar Shankarlal Varma is alleged to have actively assisted in the scheme.
How the Fraud Was Allegedly Carried Out
The ED's investigation — initiated on the basis of an FIR registered by Mumbai Police under various sections of the Bharatiya Nyaya Sanhita (BNS), 2023 — revealed that Bernadette Varma allegedly opened, or got opened, multiple fake and dummy bank accounts using names closely resembling those of the Club's legitimate vendors. Approximately ₹77 crore was reportedly funnelled into these fictitious accounts.
These funds, characterised by the ED as Proceeds of Crime, were then allegedly diverted to the personal and joint bank accounts of Bernadette Varma, Bharatkumar Varma, their family members, and associates. The money was further used to acquire immovable properties and invest in fixed deposits across multiple banks, according to the agency.
The Chartered Accountant Link
The ED's probe also points to Chandra Prakash Pandey, described as a chartered accountant associated with the United Services Club. According to the agency, Proceeds of Crime worth ₹11 crore were transferred to the bank account of Jyotirgamay Foundation (Trust), from where the funds were subsequently diverted to the bank accounts of Pandey, his family members, and firms under his control.
Cumulative Seizures in the Case
This is not the first round of asset attachment in the matter. The ED had earlier attached 35 properties worth ₹34.51 crore on 20 March. With the latest action, the total value of assets attached in the United Services Club fraud case now stands at approximately ₹47.95 crore.
As the investigation continues, further action against additional accused persons or assets cannot be ruled out.
Point of View
Yet it continues to be exploited. With two rounds of attachment now totalling nearly ₹48 crore and the underlying alleged fraud at ₹77 crore, the gap means a meaningful share of Proceeds of Crime may still be untraced.
NationPress
14 Sept 2026
Frequently Asked Questions
What is the United Services Club fraud case?
The United Services Club fraud case involves the alleged diversion of approximately ₹77 crore from the Club's funds through fake vendor bank accounts. The ED is investigating the matter under PMLA after Mumbai Police registered an FIR under provisions of the Bharatiya Nyaya Sanhita, 2023.
Who are the main accused in the ED's United Services Club case?
The primary accused are Bernadette Bharat Varma, the Club's former Deputy Secretary (Finance), and her husband Bharatkumar Shankarlal Varma. Chartered accountant Chandra Prakash Pandey is also under investigation for allegedly receiving diverted funds through a trust.
How much has the ED attached in total in this case?
The ED has now attached a cumulative total of approximately ₹47.95 crore across two rounds. The first attachment of ₹34.51 crore covered 35 properties on 20 March; the latest action added 13 more assets worth ₹13.44 crore.
What is the role of Jyotirgamay Foundation in the case?
According to the ED, ₹11 crore in alleged Proceeds of Crime was transferred to the bank account of Jyotirgamay Foundation (Trust). The funds were subsequently diverted to accounts linked to chartered accountant Chandra Prakash Pandey, his family, and firms under his control.
Under which law has the ED taken action in the United Services Club case?
The ED acted under the Prevention of Money Laundering Act, 2002 (PMLA). The probe was triggered by an FIR registered by Mumbai Police under various sections of the Bharatiya Nyaya Sanhita (BNS), 2023.
