ED Attaches ₹13 Crore in Indore Warehouse Finance Fraud Case
The Enforcement Directorate has provisionally attached 18 immovable properties valued at ₹13 crore under the Prevention of Money Laundering Act, 2002, in connection with a warehouse finance fraud case in Indore, Madhya Pradesh. The investigation, initiated based on FIRs registered by the EOW Bhopal, involves allegations of cheating and fraud against a private bank and M/s Kisan Dhan Agri Financial Services Private Limited.
Alok Sharda, proprietor of M/s Sharda Warehouse in Indore district, allegedly misused the Warehouse Receipt Finance Scheme by issuing warehouse receipts for agricultural commodities supposedly belonging to farmers. Loans were sanctioned to 42 farmers against 62,965 bags of soybean and gram, but pledged commodities were unauthorisedly removed and disposed of using forged warehouse receipts and false stock representations.
The total wrongful loss caused amounts to approximately ₹26 crore to both the bank and the non-banking financial company, with corresponding wrongful gains accruing to the accused persons.
