MP: ED Files Rs 34.36 Crore Money Laundering Prosecution Complaint Against Ranjeet Group

(MENAFN- IANS) Bhopal, Sep 29 (IANS) The Directorate of Enforcement (ED), Bhopal Zonal Office, has formally submitted a Prosecution Complaint (PC) in accordance with the Prevention of Money Laundering Act (PMLA), 2002, against M/s Ranjeet Automobiles Pvt Ltd, M/s Ranjeet Motors Pvt Ltd, and other affiliated entities.

This complaint was presented to the Hon'ble Special Court (PMLA), Bhopal, on September 23, 2025. The court formally acknowledged the offence on September 26, 2025, signifying a notable progression in the ongoing inquiry into financial irregularities.

This matter originates from a First Information Report (FIR) lodged by the Central Bureau of Investigation (CBI), STB, Bhopal, under various sections of the Indian Penal Code (IPC), 1860.

Subsequent to the FIR, the CBI filed a charge-sheet against multiple individuals, which prompted the ED to commence its independent investigation under the provisions of the PMLA.

Based on the findings of the ED, the accused entities perpetrated a fraud against Bank of Baroda, amounting to Rs 34.36 crore, by illicitly obtaining a Cash Credit Limit through deceptive practices. The investigation revealed that the accused initially secured a credit limit of Rs 7.50 crore in 2010 by employing fraudulent tactics.

Over the subsequent five-year period, this limit was progressively increased to Rs 42 crore by 2015. Further examination conducted by the ED disclosed that the allocated funds, which were designated for legitimate business operations, were instead rerouted to sister concerns of the accused companies. These diverted funds were purportedly utilised for the acquisition of immovable property and the repayment of loans incurred for its development.

In a significant enforcement action, the ED provisionally attached immovable property situated in Bhopal, valued at Rs 27.30 crore, on September 16, 2025, under the PMLA. This attachment was formally executed through a Provisional Attachment Order issued on the aforementioned date.

The ED has indicated that additional investigation is currently in progress to uncover further intricacies of the alleged money laundering network and to identify other beneficiaries implicated in the financial misconduct.

This case underscores the increasing vigilance of enforcement agencies in addressing white-collar crimes and financial fraud that compromise the integrity of India's banking system.

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