Ahmedabad: The Directorate of Enforcement (ED), Ahmedabad Zonal Office, has provisionally attached immovable/movable properties on 28/02/2025 pertaining to Dhaval Solani (controlling person of M/s Creditbulls Investments) and family, totaling ₹1.09 crore under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in relation to the investigation conducted in the matter of M/s Creditbulls Investments.

ED initiated an investigation on the basis of FIRs registered by Gujarat and Tamil Nadu Police at Jamnagar, Rajkot, and Chennai against M/s Creditbulls Investments, Dhaval Solani, and others for duping the general public on the pretext of high monthly returns.

At the time of initiating the investigation under PMLA, 2002, the Proceeds of Crime (POC) in the case was ₹8.93 crore, which during further investigation has been found to be ₹23 crore. The quantification of POC may further increase as it has been gathered during the investigation that the entity has duped investors across various states/UTs viz. Gujarat, Tamil Nadu, Delhi, and others, thereby making it a pan-India fraud.

Previously, searches were also carried out by ED at various premises related to the said entity, Dhaval Solani, and others, which resulted in the seizure/freezing of vehicles, incriminating documents, and approximately ₹50 lakh in a Demat account.

In addition, it was also noticed that funds collected from the public were used by Dhaval Solani and others for personal benefit and siphoned off outside the country as well.

Further investigation is under progress. DeshGujarat