Lakhani India Bank Fraud Case: ED seized over Rs.110 crore Property, Rs.162 crore fraud in PNB, Allahabad and IOB Bank
Lakhani India Bank Fraud Case: The Enforcement Directorate (ED) has attached assets worth over ₹110 crore belonging to Lakhani India Limited in connection with an alleged bank loan fraud case, the agency announced on Tuesday.
According to an official statement, the probe under the Prevention of Money Laundering Act (PMLA) was initiated following CBI FIRs registered in 2021 and 2023 against Lakhani India Limited and its associated firms—Lakhani Rubber Udyog Pvt Ltd and Lakhani Apparel Pvt Ltd—along with their promoters P.D. Lakhani and Suman Lakhani. The charges include criminal conspiracy, cheating, and financial fraud involving multiple banks.
The ED alleged that Lakhani India Limited and its group companies defrauded Indian Overseas Bank (IOB), Punjab National Bank (PNB), and Allahabad Bank (now Indian Bank) by misappropriating and diverting funds, resulting in a financial fraud of ₹162 crore.
“The Lakhani group, under the directions of its promoters, used bank loans and credit facilities to make sales to related parties at a loss, repay loans of sister concerns, and make unusual interest payments to directors,” the agency stated.
As part of the crackdown, the ED has provisionally attached multiple properties under the PMLA, including:
✔ Five commercial plots spanning over 20 acres
✔ A two-acre farmhouse
✔ A commercial flat-cum-office in Delhi-NCR
The total value of these attached assets exceeds ₹110 crore, the agency said. Attempts to reach the accused companies and their promoters for a response remained unsuccessful at the time of reporting.
