Bhopal, 29 September (IANS) Enforcement (ED), Directorate of Bhopal Zonal Office formally submitted an prosecution complaint against the Money Laundering Act (PMLA), 2002, M/S Rangeet Automobiles PVT Litt, M/S Rainbate PVT LTD, and Money Laundering Act (PMLA), 2002 prevention (PC) Is.
The complaint was submitted to the Honorable Special Court (PMLA), Bhopal on 23 September 2025. The court formally admitted the crime on 26 September, 2025, indicating notable progress in the ongoing investigation of financial irregularities.
The case is generated from the first information report (FIR) filed by the Central Bureau of Investigation (CBI), STB, Bhopal under various sections of the Indian Penal Code (IPC), 1860.
Following the FIR, the CBI filed a charge sheet against several persons, which motivated the ED to initiate its independent investigation under the provisions of the PMLA.
Based on the findings of the ED, the accused institutions committed a fraud against the Bank of Baroda, which was an amount of Rs 34.36 crore, receiving the cash credit limit through misleading practices. Investigation revealed that the accused initially employed a credit limit of Rs 7.50 crore by employing a strategy of fraud in 2010.
In a later five -year period, this limit was progressively increased to Rs 42 crore by 2015. The further examination conducted by the ED revealed that the allocated funds, which were nominated for legitimate business operations, were instead resumes the sister’s concerns of the accused companies. These diverted funds were used for repayment of loans made for acquisition and development of real estate.
In an important enforcement action, the ED attached the provisional property located in Bhopal, which was valued at Rs 27.30 crore under the PMLA on 16 September, 2025. This attachment was formally executed through an provisional infinite order released on the date date.
The ED has indicated that the additional investigation continues to highlight further complexities of the alleged money laundering network and identify other beneficiaries inherent in financial malpractices.
The case underlines the increasing vigilance of enforcement agencies in addressing the integrity of India’s banking system and addressing financial fraud.
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SKTR/Dan