ED seizes assets worth Rs 10.99 lakh in bank fraud case linked to Surat-based firm

Surat, July 2 (IANS) Enforcement Directorate (ED), Surat Sub Zonal Office, has provisionally attached movable assets worth Rs 10.99 lakh under the Prevention of Money Laundering Act (PMLA), 2002.

The action is part of an investigation against M/s Mobi Tech and others in a bank fraud and corruption case. The ED initiated the probe based on a CBI FIR registered by the Anti-Corruption Branch (ACB) in Gandhinagar, naming Milind Patel, proprietor of M/s Mobi Tech, and others for alleged corruption, criminal conspiracy, and related offences.

Investigations revealed that Mobi Tech secured a loan of Rs 5 crore from the erstwhile State Bank of Bikaner and Jaipur (now merged with State Bank of India) and subsequently misappropriated the funds by diverting them to multiple entities. This fraudulent diversion caused a loss of Rs 3.12 crore to the bank. Among the beneficiaries of the diverted funds was M/s Celution Corporation, a partnership firm linked to Rishit Bharatkumar Shah.

The federal agency found that the firm received part of the proceeds of crime (PoC). Consequently, a bank account in Shah’s name holding Rs 10.99 lakh has been provisionally attached. This is not the first attachment in the case — the ED had earlier issued a Provisional Attachment Order for approximately Rs 11 lakh.

Authorities said further investigation is underway. In 2025, Gujarat has seen a series of high-profile Enforcement Directorate (ED) actions under the Prevention of Money Laundering Act (PMLA), spanning politicians, businessmen, media figures, and bureaucrats.

One of the most significant cases involved the Rs 2,700 crore Nexa Evergreen real estate scam, where the ED raided 24 locations across Gujarat and Rajasthan, including Ahmedabad. The firm is accused of duping over 62,000 investors by promising land parcels in Dholera Smart City. Cash worth Rs 2.03 crore was seized, and 10 bank accounts were frozen during the operation.

In another major crackdown, the ED froze Rs 2 crore in bank accounts and seized Rs 30 lakh in cash and cryptocurrency during raids in a Waqf Board land scam in Ahmedabad. The case revolves around illegal leasing of trust land and misappropriation of rent by a syndicate allegedly led by Salim Khan Jumma Khan Pathan.

Meanwhile, the ED also took action against Avon Cold Storage Pvt Ltd, filing a prosecution complaint for bank fraud and siphoning of funds using forged documents.

The media too came under scrutiny when the ED arrested Bahubali Shah, 73, director of Gujarat Samachar Ltd and Lok Prakashan, in a money laundering case linked to a CBI-ACB FIR. He was granted interim medical bail.

Similarly, journalist Mahesh Langa was charge-sheeted under PMLA for alleged extortion and use of media influence to obtain benefits. The court also approved the attachment of his office premises.

--IANS

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