ED attaches ₹7.76 crore assets in Indore UCO Bank fraud case
Synopsis
The ED has provisionally attached ₹7.76 crore in land assets linked to Ruchi Acroni Industries — now Steeltech Resources — over an alleged ₹58 crore UCO Bank fraud in Indore. With a prior attachment of ₹10.15 crore, total seizures in the case have crossed ₹17 crore, as investigators continue unravelling a web of forged documents and layered fund diversions.
Key Takeaways
The Enforcement Directorate provisionally attached properties worth ₹7.76 crore on 24 April under PMLA, 2002 .
Assets belong to Ruchi Acroni Industries Limited , now operating as Steeltech Resources Limited , based in Indore, Madhya Pradesh .
The company allegedly defrauded UCO Bank, Indore of over ₹58 crore through forged documents and fund diversion.
The ED Indore office had previously attached properties worth ₹10.15 crore in the same case.
The investigation, originally triggered by a CBI Anti-Corruption Branch FIR in Bhopal , is ongoing.
The Indore Sub Zonal Office of the Enforcement Directorate (ED) has provisionally attached immovable properties worth ₹7.76 crore in connection with a ₹58 crore bank fraud case involving UCO Bank in Indore, Madhya Pradesh. The attachment, carried out on 24 April under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, targets land parcels held in the name of Ruchi Acroni Industries Limited, a firm now operating as Steeltech Resources Limited.
Background and Charges
The ED investigation was initiated following an First Information Report (FIR) registered by the Central Bureau of Investigation (CBI), Anti-Corruption Branch, in Bhopal. The charges against the company include alleged violations under the Prevention of Corruption Act and the Indian Penal Code (IPC). Authorities allege that the entity orchestrated a scheme to defraud UCO Bank, causing a wrongful loss reportedly exceeding ₹58 crore.
How the Fraud Was Allegedly Carried Out
According to ED findings, the accused company allegedly obtained credit facilities and letters of credit by submitting forged, fabricated, and manipulated documents. These transactions reportedly lacked any genuine underlying trade activity. Once secured, the proceeds were allegedly diverted and routed through a web of interlinked entities under common ownership and control, designed to mask their origin.
The siphoned funds were systematically layered before being used to acquire the immovable properties now under provisional attachment, investigators say. The company is further accused of dishonestly diverting bank funds through investments in group companies and by extending loans and advances to various associate concerns.
Previous Attachments in the Same Case
This is not the first enforcement action against the group. The Indore ED office had previously attached properties worth ₹10.15 crore in connection with the same matter. With the latest provisional attachment of ₹7.76 crore, the cumulative value of assets seized in this case has now climbed significantly as authorities work to recover the alleged proceeds of crime.
Investigation Ongoing
The Enforcement Directorate has confirmed that further investigation into the network of transactions and associated entities remains in progress. Authorities say they are committed to ensuring full accountability for the loss caused to the public sector bank. The agency's continued scrutiny signals a broader effort to trace and recover funds allegedly laundered through complex corporate structures in the region.
Point of View
Shell-like associate entities, and real estate as the final laundering destination. What stands out is the scale relative to the company's apparent size: a ₹58 crore loss to a single branch suggests systemic due-diligence failures at the bank as much as criminal ingenuity on the borrower's side. The ED's cumulative attachment of over ₹17 crore is meaningful, but still less than a third of the alleged fraud value — raising the question of where the remaining proceeds are. Until investigators trace the full web of interlinked entities, accountability will remain incomplete.
NationPress
12 Aug 2026
Frequently Asked Questions
What is the Indore UCO Bank fraud case about?
The case involves allegations that Ruchi Acroni Industries Limited, now known as Steeltech Resources Limited, defrauded UCO Bank in Indore of over ₹58 crore by submitting forged and fabricated documents to obtain credit facilities, then diverting the funds through a network of associated entities.
Why has the ED attached these properties?
The Enforcement Directorate provisionally attached ₹7.76 crore worth of land parcels on 24 April under the Prevention of Money Laundering Act, 2002, as the assets are believed to have been acquired using proceeds of the alleged bank fraud.
How much has the ED seized in total in this case?
Including the latest attachment of ₹7.76 crore, the ED's Indore office has now seized assets cumulatively worth over ₹17 crore in this case, following a previous attachment of ₹10.15 crore.
What triggered the ED investigation?
The ED launched its money laundering probe after the Central Bureau of Investigation's Anti-Corruption Branch registered an FIR in Bhopal, alleging violations under the Prevention of Corruption Act and the Indian Penal Code.
Is the investigation complete?
No. The Enforcement Directorate has confirmed that the investigation into the network of transactions and associated entities is still ongoing, with authorities working to trace further proceeds of the alleged crime.
