ED Attaches ₹4 Crore Assets in PNB Loan Diversion Case Involving Cold Storage Project

Key Facts and Developments

The Directorate of Enforcement (ED), Indore Sub-Zonal Office, has provisionally attached three immovable properties valued at approximately ₹4 crore under the Prevention of Money Laundering Act, 2002, in connection with a bank fraud case involving Ram Patidar, proprietor of M/s Narmada Sheit Grih.

The attached assets comprise agricultural lands located in Dhar and Khargone districts of Madhya Pradesh. The action follows an investigation initiated on the basis of an FIR registered by the Central Bureau of Investigation (CBI), Jabalpur, under provisions of the Indian Penal Code, 1860 and the Prevention of Corruption Act, 1988.

According to the investigation, Ram Patidar had availed a term loan of ₹3.50 crore from Punjab National Bank for setting up a cold storage facility. However, the ED found that the loan amount was not utilised for the sanctioned purpose. Instead, funds were allegedly diverted through multiple bank accounts controlled by the accused and associated individuals, including Parmanand Patidar, Mahendra Patidar, and Mithun Dawar.

The agency has alleged that such diversion of funds resulted in a wrongful loss of approximately ₹3.36 crore to Punjab National Bank, while corresponding wrongful gains accrued to the accused persons.

The attached properties have been identified as proceeds of crime under the PMLA framework. Further investigation in the matter is ongoing.