Ahmedabad, Jan 19 (IANS) The Enforcement directorate’s Ahmedabad Zonal Office has provisionally attached two immovable properties in connection with a bank fraud and money laundering case involving Shree Om Fab and others, officials said on Monday.

The attachment was carried out on January 12, 2026, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.

According to the ED, the attached properties — held in the names of accused persons Prem Devi Loonia and Payal Choksey — were originally valued at Rs 53.50 lakh, with their present market value estimated at nearly Rs 4.65 crore.

The case originates from an FIR registered by the Central Bureau of Investigation (CBI) dated May 24, 2018, based on a written complaint filed by Oriental Bank of Commerce.

Subsequently, the CBI filed a charge sheet on December 16, 2019, naming M/s Shree Om Fab (proprietor Ranjit Loonia) and others as accused.

CBI investigations revealed that credit facilities amounting to Rs 9.95 crore (Rs 10.932 crore including interest as on the date of NPA) were sanctioned to M/s Shree Om Fab, M/s Shree Baba Textile, and M/s Shree Laxmi Fab — all proprietary concerns of Ranjit Loonia.

The accused allegedly entered into a criminal conspiracy with panel valuer Mayur Shah and bank officials, cheating the bank by submitting false and fabricated business records, forging documents, and producing fake valuation reports of mortgaged properties to secure loans.

Further investigations found that instead of utilising the sanctioned cash-credit limits for legitimate business purposes, the loan funds were diverted to multiple bank accounts without any genuine business transactions.

The money was subsequently withdrawn in cash and used for purchasing bullion, repaying housing loans, and other personal expenditures.

Based on the CBI FIR and charge sheet, the ED initiated an investigation under the PMLA, 2002.

Earlier, searches conducted at the premises of the accused, led to the recovery of valuables worth nedarly Rs 3.67 crore.

During the course of the PMLA investigation, it was established that the housing loan repayments for two immovable properties — one located at Prayag Residency and the other at Siesta Dwelling — were made by routing funds from the fraudulently obtained loan accounts.

Consequently, the ED issued the present Provisional Attachment Order on January 12, 2026.

With this latest action, the cumulative market value of properties seized and attached by the ED in this case has reached nedarly Rs 8.30 crore.

The central probe agency has said that further investigation in the matter is ongoing.

–IANS

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