ED Attaches ₹3.91 Crore Land Parcels in Indore in ₹307-Crore Bank Fraud Case
The Directorate of Enforcement (ED), Indore Sub Zonal Office, has provisionally attached three commercial land parcels worth approximately ₹3.91 crore in Indore in connection with an alleged bank fraud and money laundering case involving Neo Corp International Limited (NCIL), Poly Logic International Limited (PLIPL) and their directors.
The attachment order was issued on September 10, 2026, under the Prevention of Money Laundering Act (PMLA), 2002. The properties are located in Hukmakhedi village, Indore, and belong to Vishwakarma Creations Private Limited, which the ED alleges received proceeds of crime linked to the case.
The investigation was initiated based on two FIRs registered by the Central Bureau of Investigation (CBI). One was filed by the CBI’s Anti-Corruption Branch in Bhopal over an alleged ₹57.47 crore fraud involving Punjab National Bank (PNB). The second was registered by the CBI’s Economic Offences Wing in Mumbai in connection with an alleged wrongful loss of ₹249.97 crore to the State Bank of India (SBI).
Together, the alleged losses to the two public sector banks amount to approximately ₹307.44 crore.
According to the ED’s investigation, substantial funds originating from NCIL’s loan accounts and those of related entities were allegedly routed through intermediary companies before reaching Vishwakarma Creations Private Limited. The agency stated that entities controlled or managed by Sunil Kumar Trivedi and Utkarsh Trivedi were allegedly used to move and layer the funds, making it harder to trace their original source.
The ED further alleged that Vishwakarma Creations received proceeds of crime through these transactions and subsequently used or diverted the funds. Based on the findings, the agency provisionally attached the three land parcels registered in the company’s name.
Earlier in the same case, the ED had also provisionally attached an immovable property in the United Kingdom, located at 24 Cygnet Avenue, Feltham, Middlesex, valued at approximately £245,000, equivalent to ₹2.08 crore as stated in the agency’s release.
The latest attachment forms part of the ED’s ongoing efforts to trace and secure assets allegedly linked to the bank fraud and money laundering case.
News Source : Information for this article was gathered from a variety of reliable news outlets.
