₹356 Crore Bank Fraud: ED Attaches ₹35.52 Crore Assets Linked to Dhanlaxmi Solvex

Moneylife Digital Team 24 June 2026

Economy & Nation

The directorate of enforcement (ED) has provisionally attached immovable properties worth ₹35.52 crore in connection with an ongoing money-laundering investigation against Dhanlaxmi Solvex Pvt Ltd (DSPL), its directors and associated entities and individuals.

The attachment has been carried out under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, the agency said in a statement.

According to ED, the money-laundering investigation stems from a first information report (FIR) registered by the Central Bureau of Investigation (CBI) on the basis of a complaint lodged by a consortium of banks led by the State Bank of India (SBI). Other members of the consortium included Union Bank of India, Bank of Maharashtra and Bank of Baroda.

The complaint alleged that the accused fraudulently availed various credit facilities from the consortium banks, causing a wrongful loss of ₹356.31 crore to the lending institutions.

ED said its investigation revealed that Dhanlaxmi Solvex, along with its promoters and directors, allegedly secured bank loans and credit facilities through misrepresentation and subsequently diverted and siphoned off the funds through a network of related entities.

According to the agency, the investigation uncovered alleged large-scale circular trading, bogus transactions, accommodation entries and misuse of letters of credit (LCs).

The proceeds generated through these activities were allegedly laundered through multiple entities controlled by the accused and their associates, ED said.

As part of the investigation, ED conducted search operations on 16 February 2026 at five locations across Indore and Dewas districts in Madhya Pradesh under Section 17 of the PMLA.

During the searches, officials seized various incriminating documents, digital devices and financial records that are being examined as part of the probe.

The agency said the evidence gathered during the searches and subsequent investigation formed the basis for the attachment action.

Based on the material collected during the investigation, ED has provisionally attached 19 immovable properties valued at ₹35.52 crore under Section 5 of the PMLA. The attached assets include residential flats and land parcels located in Indore and Shajapur districts of Madhya Pradesh. According to the agency, the properties are held in the names of the accused.

A provisional attachment under the PMLA is aimed at preventing the transfer, concealment or disposal of assets suspected to be linked to proceeds of crime while investigations are under way.

ED said further investigation is in progress to trace the alleged proceeds of crime and identify other entities or individuals who may have been involved in the laundering of funds.

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