Ahmedabad: The Directorate of Enforcement (ED), Ahmedabad Zonal Office has provisionally attached immovable properties having a book value of Rs. 2 crore (present market value approximately Rs. 4 crore) on March 24, 2025, under the provisions of the Prevention of Money-Laundering Act (PMLA), 2002, in an investigation related to a bank fraud case against Dhananjay V. Parikh, proprietor of Raymark Remedies, and others.

The ED initiated the investigation based on an FIR registered by the CBI, ACB, Gandhinagar, under various sections of the IPC, 1860, and the Prevention of Corruption Act, 1988, against Dhananjay V. Parikh and others for criminal conspiracy to defraud the Bank of Maharashtra by diverting the sanctioned cash credit (CC) facility of Rs. 2 crore, credited to the CC bank account of Raymark Remedies, and utilizing it for purposes other than those for which it was sanctioned.

The ED investigation revealed that the collateral security, in the form of immovable properties pledged to the Bank of Maharashtra for sanctioning the CC facility of Rs. 2 crore, was itself acquired later on March 29, 2014, by Dhananjay V. Parikh, after he had already availed of the CC limit. The investigation further found that by fraudulently showing the attached immovable properties as collateral security, Dhananjay V. Parikh obtained the CC facility of Rs. 2 crore on March 13, 2014, and routed the funds through multiple bank accounts, using accounts of non-existent firms belonging to his accomplices. He then used part of the funds to repay outstanding loans and the rest to purchase the immovable properties, thereby revealing that these attached properties were acquired directly from the proceeds of crime.

Further investigation is underway. DeshGujarat