Indore, Feb 13 (IANS) The Enforcement Directorate (ED) on Friday said that it has provisionally attached properties valued at Rs 10.15 crore belonging to Ruchi Acroni Industries Ltd., Indore.

The federal probe agency said the attachment was drafted by the Sub-Zonal Office of ED on Thursday (February 12, 2026) under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.

The immovable properties of the company attached by the ED are land registered in the name of M/s Ruchi Acroni Industries Ltd.

“An investigation was initiated based on an FIR registered by CBI, ACB, Bhopal, against M/s Ruchi Acroni Industries Ltd. under section 13(1)(d) of the Prevention of Corruption Act, 1988 and 120-B read with section 420 of the Indian Penal Code, 1860 (which are scheduled offenses under the PMLA) for allegedly defrauding UCO Bank, Indore, causing a wrongful loss of more than Rs 58 crore,” ED said in statement.

The probe agency said that during the investigation, it was revealed that Ruchi Acroni Industries Ltd (now known as M/s Steeltech Resources Ltd.) dishonestly diverted and siphoned funds through investments in its group companies and by providing loans and advances to its associates and group concerns.

The investigation also revealed that credit facilities and letters of credit were dishonestly obtained based on forged, fabricated, and manipulated documents without any genuine underlying trade, and the proceeds thereof were intentionally diverted, layered, and routed back to the borrower company through a complex web of interlinked entities under common ownership and control.

The ED’s statement further read that the funds, illegally siphoned, were systematically layered and subsequently utilised to acquire various properties.

Earlier, the ED, Indore, conducted search and seizure operations in this case in December, 2025.

The ED also clarified that further investigation into the matter was underway.

–IANS

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