Ahmedabad: The Ahmedabad Zonal Office of the Directorate of Enforcement (ED) carried out searches under the provisions of the Prevention of Money Laundering Act, 2002, at six locations in Ahmedabad on 08.10.2025 and 09.10.2025 in connection with a Rs. 10.95 crore bank fraud case, the law enforcement agency said in a press release.

During the searches, gold and diamond jewellery worth approximately Rs. 3 crore, secreted by the accused persons in lockers, and fixed deposits worth Rs. 23 lakh were frozen under Section 17 of PMLA, 2002. Further, details and documents related to properties worth crores of rupees were also recovered during the search.

ED initiated the investigation based on an FIR registered by the CBI following a complaint filed by the Oriental Bank of Commerce against three firms — Shree Om Fab, Shree Baba Textile, and Shree Laxmi Fab — all proprietorship concerns owned by Ranjitkumar J. Loonia and engaged in trading of grey cloth, which had availed cash credit facilities using forged documents.

The sanctioned funds were, inter alia, diverted for purposes such as repaying housing loans for personal immovable properties, purchasing immovable properties, buying gold and silver bullion, and cash withdrawals. The total fraud caused to the bank is estimated at about Rs. 10.95 crore. Further investigation is in progress. DeshGujarat