
The Enforcement Directorate (ED) has seized assets valued at Rs 45.23 crore in connection with an alleged bank fraud case involving Associate High Pressure Technologies Pvt Ltd (AHPTL), a private organization.
As per a statement released by the investigating agency, the confiscated properties consist of four immovable assets. Among them is a land parcel valued at Rs 37.39 crore situated in Gujarat’s Anjar district. Additionally, three flats worth Rs 7.84 crore in Mumbai, owned by the company’s promoters—Ramchand Kotumal Issrani, Mohamed Farouk Suleman Darvesh, and Manoharlal Satramdas Agicha—have also been attached.
The investigation was launched following an FIR filed by the Central Bureau of Investigation (CBI) under various sections of the Indian Penal Code (IPC) and the Prevention of Corruption Act (PCA). The complaint, filed by the Union Bank of India, alleges that the company defrauded them, causing a wrongful loss of Rs 149.89 crore to the bank.
During the course of the investigation, it was uncovered that a significant portion of the loan received from the Union Bank of India was diverted through fraudulent Letters of Credit, unsecured loans to affiliated entities, outstanding export proceeds, sham commissions to related entities, and other deceptive means.
The ED conducted a total of 12 searches in Mumbai, Gandhidham, and Pune as part of this case. A prosecution complaint has been filed by the ED, naming Ramchand Kotumal Issrani and AHPTL as the accused parties.