ED - Business Outrank

The Enforcement Directorate (ED) Ahmedabad has provisionally attached assets worth ₹2 crore in connection with the Bank of Maharashtra fraud case. The current market value of the attached properties is estimated at ₹4 crore. The action, taken under the Prevention of Money-Laundering Act (PMLA), 2002, targets Dhananjay V. Parikh, proprietor of Raymark Remedies, and others involved in the fraudulent scheme. The ED’s probe is based on an FIR registered by the CBI, ACB, Gandhinagar, which accused Parikh of conspiring to defraud the Bank of Maharashtra by misusing a ₹2 crore cash credit (CC) facility. Instead of utilizing the funds for approved business purposes, Parikh allegedly diverted them through multiple accounts linked to non-existent firms. The investigators found that the collateral security for the CC facility was acquired only after Parikh had already availed of the loan. By fraudulently presenting these properties as security, he secured the credit on March 13, 2014, and used the funds to settle outstanding debts and purchase assets, confirming they were acquired from the proceeds of crime. The Bank of Maharashtra fraud case is still being investigated by the authorities as the ED continues its crackdown on financial irregularities.

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