Rs.2,672 Crore Bank Fraud by Shree Ganesh Jewellery House! ED conducts Raids at 13 Places
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The Directorate of Enforcement (ED), Kolkata Zonal Office, conducted search operations on October 10, 2025, at 13 locations across West Bengal, Telangana, and Gujarat. The raids were carried out under the Prevention of Money Laundering Act (PMLA), 2002, in connection with the investigation against M/s Shree Ganesh Jewellery House (I) Ltd.
Background of the Case
The investigation was initiated on the basis of an FIR filed by the Central Bureau of Investigation (CBI), Bank Fraud and Financial Securities Branch, Kolkata. The company and its promoters are accused of defrauding a consortium of 25 banks of around ₹2,672 crore.
According to the ED, the promoters of Shree Ganesh Jewellery House diverted about ₹160 crore of loan funds into various solar power projects during 2010–11. To hide the true ownership, these projects were later transferred to former directors and associates of the company and its group entities. These actions were allegedly aimed at concealing the proceeds of crime and preventing banks from recovering their dues.
Findings During the Raids
During the search operations, the ED traced and froze multiple bank accounts belonging to the associated companies. Officials also seized several incriminating documents, digital records, and financial papers. The investigation further revealed that some professionals, including a chartered accountant and legal experts, helped the accused in creating a complex network of shell companies to launder and conceal the illegal funds.
Earlier Developments
Earlier in this case, the ED had attached properties worth ₹193 crore linked to Shree Ganesh Jewellery House and its promoters. A Prosecution Complaint has already been filed in the matter. During the recent raids, additional funds worth ₹33 crore were frozen.
Ongoing Investigation
The ED said that the investigation is still in progress to identify more linked assets, track the full money trail, and determine the role of other individuals and entities involved in the alleged fraud.
