The directorate of enforcement (ED) has provisionally attached 54 additional properties worth about ₹92.91 crore belonging to Dinesh Gupta, managing director (MD) of Best Foods Ltd (BFL), in an ongoing money laundering investigation linked to an alleged ₹1,740.30 crore bank fraud.
The attachment was made through a second provisional attachment order (PAO) dated July 17, 2026, issued under Section 5(1) of the Prevention of Money Laundering Act (PMLA), 2002,
the agency said in a release.
According to ED, the attached assets comprise two movable properties and 52 immovable properties. With this latest attachment, the total value of properties attached in the case has risen to about ₹266.58 crore.
The money laundering investigation is based on a first information report (FIR) registered by central bureau of investigation's (CBI), anti-corruption branch-V in New Delhi, under various provisions of the Indian Penal Code and the Prevention of Corruption Act.
The FIR was registered against Best Foods, Mr Gupta, Mohinder Pal Jindal and other unknown persons following a written complaint by SBI's stressed assets management branch in Chandigarh, on 6 August 2020.
According to ED, Best Foods, engaged in processing and marketing premium Basmati rice under brands such as Best Premium, Best Super Premium, Best Select and Best Special, fraudulently obtained and diverted credit facilities sanctioned by a consortium of banks led by SBI.
The agency alleged that the company defaulted on outstanding dues amounting to ₹1,740.30 crore.
ED said its investigation found that the diverted loan funds were routed through a network of shell and dummy entities allegedly created in the names of employees, relatives and associates of Mr Gupta.
According to the agency, the money was layered through fictitious trading transactions before being invested in real estate and other companies controlled by Mr Gupta, while the beneficial ownership of these assets remained with him.
As part of the investigation, ED conducted searches between 15th July and 17 July 2025, at the premises of Dinesh Gupta and associated entities.
During the searches, the agency froze five high-end vehicles under the provisions of the PMLA and seized incriminating documents. Survey operations under Section 16 of the PMLA were also carried out on 15th July and 16 July 2025.
On 8 August 2025, ED arrested Mr Gupta under Section 19(1) of the PMLA. He was later granted bail by the Delhi High Court on 30 May 2026.
The agency said it had earlier issued a PAO on 4 October 2025, attaching immovable properties worth about ₹173.67 crore.
According to ED, those properties had been acquired in the names of dummy entities and associates but were beneficially owned by Mr Gupta. The attachment was subsequently confirmed by the adjudicating authority.
ED also filed a prosecution complaint before the Special PMLA Court in New Delhi on 4 October 2025. The Court took cognisance of the complaint on 29 November 2025.
ED said further investigation uncovered additional proceeds of crime in the form of residential and commercial properties as well as bank deposits held in the names of various shell entities and individuals but allegedly beneficially owned and controlled by Mr Gupta.
Based on these findings, the agency issued the second PAO on 17 July 2026, attaching assets worth about ₹92.91 crore.
The investigation into the alleged money laundering case is continuing, ED said.
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