Indore ₹26-Crore Warehouse Finance Fraud Under ED Lens, 18 Properties Worth ₹13 Crore Attached
Bhopal (Madhya Pradesh): The Directorate of Enforcement (ED) has provisionally attached 18 immovable properties valued at Rs 13 crore under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA) in connection with a bank fraud case involving Alok Sharda and others, officials said on Thursday. ED investigation was initiated based on two FIRs registered by the EOW, Bhopal, relating…
The Economic Offences department (ED) has attached 18 properties worth Rs 13 crore in connection with a ₹26-crore warehouse finance fraud case in Indore. The investigation, initiated based on two FIRs registered by the Bhopal East Women's Police Station, revolves around Alok Sharda and others allegedly misusing the Warehouse Receipt Finance Scheme.
The ED found that Alok Sharda, the proprietor of M/s Sharda Warehouse, Manpur, Indore, and others, allegedly showed agricultural commodities that did not exist as stored in the warehouse and issued warehouse receipts, leading to loans being sanctioned to 42 farmers. The investigation revealed that the pledged commodities were removed and disposed of without the requisite release or NOC from the lender, causing a wrongful loss of Rs 26 crore to the bank and Kisan Dhan Agri Financial Services Private Limited.
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