Stories
ED Seizes Rs 4.53 Crore Assets of Steel Connect India, Uncovers Rs 80 Crore Fraud.
N
News18•25-09-2026, 18:02
ED Seizes Rs 4.53 Crore Assets of Steel Connect India, Uncovers Rs 80 Crore Fraud.
- •The Ahmedabad unit of the Enforcement Directorate (ED) has taken major action in a bank loan scam.
- •The ED has attached movable and immovable properties worth approximately Rs 4.53 crore linked to Steel Connect India Private Limited.
- •This action was taken under the Prevention of Money Laundering Act (PMLA) 2002.
- •The investigation revealed that individuals associated with the company committed a fraud of about Rs 79.56 crore.
- •Following a CBI FIR, the ED's probe found loan funds were diverted to sister companies and directors' personal accounts.
Key Questions Answered
The Ahmedabad unit of the Enforcement Directorate attached movable and immovable properties worth approximately Rs 4.53 crore linked to Steel Connect India Private Limited under the Prevention of Money Laundering Act 2002.
Investigation revealed that people associated with the company had committed a fraud amounting to about Rs 79.56 crore in the entire bank loan scam.
The major scam investigation began after an FIR was registered by the Central Bureau of Investigation under serious sections of the IPC and the Prevention of Corruption Act.
