Indore, April 1 (IANS) The Directorate of Enforcement (ED) has filed a prosecution complaint against Ram Patidar, proprietor of M/s Narmada Sheit Grih, and others under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in Indore.
In a press note issued on Wednesday, the agency said it has requested the Special Court (Prevention of Money Laundering Act) to issue notices to Ram Patidar and other accused persons on March 31, 2026.
The development follows an investigation based on a First Information Report registered by the Central Bureau of Investigation (CBI) under various sections of the Indian Penal Code, 1860 and the Prevention of Corruption Act, 1988, against Patidar and others for allegedly defrauding Punjab National Bank (PNB) and causing wrongful loss to the bank.
According to the ED, Patidar had availed a term loan of Rs 3.50 crore from PNB to construct a cold storage facility in the name of M/S Narmada Sheit Grih.
However, instead of utilising the loan amount for the intended purpose, the funds were diverted to multiple accounts controlled and managed by Narmada Sheit Grih and other associated individuals, including Parmanand Patidar, Mahindra Patidar, Mithun Dawar, and others.
“As a result of these illegal activities, Ram Patidar and other accused persons caused a wrongful loss of RS 3.36 crore to Punjab National Bank, while deriving corresponding wrongful gains,” the ED press note stated.
Earlier, on March 25, the ED’s Indore Sub-Zonal Office had provisionally attached three immovable properties valued at around Rs 4 crore under the PMLA in connection with the bank fraud case.
The attached assets are agricultural lands located in Dhar and Khargone districts of Madhya Pradesh.
The ED’s probe established that the diverted money constituted proceeds of crime, which were allegedly layered and integrated into legitimate-looking assets, including the agricultural lands now attached.
–IANS
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