Indore, Sep 11 (SocialNews.XYZ) The Enforcement Directorate's (ED) Indore Sub-Zonal office has provisionally attached three commercial land parcels valued at around Rs 3.91 crore in Hukmakhedi village of Indore under the Prevention of Money Laundering Act (PMLA), 2002, officials said on Friday.
The properties belong to M/s Vishwakarma Creations Private Limited and are linked to a major bank fraud and money laundering case involving Neo Corp International Limited (NCIL) and related entities.
The provisional attachment order was issued on September 10, 2026.
According to the ED, the company received proceeds of crime generated through a bank fraud that caused a combined loss of Rs 307.44 crore to public sector banks, an ED press note said.
The investigation was initiated on the basis of two FIRs.
The first was registered by the Central Bureau of Investigation (CBI)'s Anti-Corruption Bureau in Bhopal, against Utkarsh Trivedi and others for allegedly cheating the Punjab National Bank of Rs 57.47 crore.
The second FIR was filed by the CBI's Economic Offences Wing at Mumbai against NCIL, its directors Sunil Kumar Trivedi and Utkarsh Trivedi, and others for causing a wrongful loss of Rs 249.97 crore to the State Bank of India, it said.
The ED probes revealed that substantial funds originating from the loan accounts of NCIL and its related entities were routed through intermediary companies controlled and managed by Sunil Kumar Trivedi and Utkarsh Trivedi.
These funds were layered and diverted before reaching M/s Vishwakarma Creations Private Limited, which subsequently utilised or dissipated them, the ED said.
Investigators found that the land parcels standing in the name of Vishwakarma Creations were acquired from the proceeds of the alleged crime.
The attachment has been made to prevent further dissipation of the properties.
Earlier in the same case, the ED had provisionally attached an immovable property valued at around GBP 2,45,000 (around Rs 2.08 crore) located at 24 Cygnet Avenue in Feltham, Middlesex, in the United Kingdom.
Officials said that the attachment is part of ongoing efforts to recover proceeds of crime and establish the complete money trail.
Further investigation into the role of the companies and individuals involved is currently underway.
Source: IANS
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