Sharon Bio-Medicine Bank Fraud: ED Attaches Assets Worth Rs79.78 Crore
Moneylife Digital Team 27 January 2025
The Mumbai zonal office of the directorate of enforcement (ED) has issued a provisional attachment order under the Prevention of Money Laundering Act (PMLA), 2002, freezing assets valued at about Rs79.78 crore. This action is part of an ongoing investigation into a major bank fraud involving Sharon Bio-Medicine Ltd (SBML) and its associates.
 
The provisionally attached assets include immovable properties such as flats, plots, hotels and agricultural lands located across Navi Mumbai, Mumbai, Satara and Raigad in Maharashtra, as well as Dehradun, Haridwar and Pauri Garhwal in ttarakhand.
 
The investigation, initiated on the basis of first information reports (FIRs) registered by the anti-corruption bureau (ACB) of the central bureau of investigations (CBI) uncovered fraudulent activities by SBML that caused a reported Rs286 crore loss to various banks. The FIRs were lodged under multiple sections of the Indian Penal Code (IPC), 1860, and the Prevention of Corruption Act, 1988.
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