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The Enforcement Directorate (ED), Bhopal Zone, has filed a Prosecution Complaint against M/s Narayan Niryat India Pvt Ltd, its promoter Kailash Chandra Garg, and 14 other related entities and individuals. The complaint was filed under the Prevention of Money Laundering Act (PMLA), 2002 before the Special PMLA Court in Indore on 17 November 2025.
The court has now taken cognizance of the money laundering offence on 5 December 2025.
The case began after ED started its investigation based on an FIR filed by the CBI, Vyapam Unit in Bhopal. The FIR was registered under various sections of the IPC, 1860, and the Prevention of Corruption Act, 1988. The CBI had also filed a charge-sheet against the company and several individuals.
According to the ED investigation, Narayan Niryat India Pvt Ltd, controlled by Kailash Chandra Garg, fraudulently obtained loans of about ₹110.50 crore from a consortium of banks led by UCO Bank. The loans were taken through Letters of Credit (LCs) and Export Packing Credit (EPC).
Although the company claimed that the funds were used for export-related business, ED found that no real purchases or exports took place. Instead, the funds were moved through multiple group companies of Ambika Solvex Ltd to create fake business transactions.
ED stated that the loan money was diverted for personal and corporate benefits, including investment in immovable properties and cash withdrawals. The movement of funds involved a complex network of companies and firms controlled by Kailash Chandra Garg, which was used to hide the diverted money.
Earlier, ED had already issued two Provisional Attachment Orders, attaching 37 immovable properties worth ₹27.67 crore in connection with the case.
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