Ahmedabad: The Zonal Office of the Directorate of Enforcement (ED) has provisionally attached two immovable properties on 12.01.2026, worth Rs. 53.50 lakh (present market value: Rs. 4.65 crore approx.) held in the name of accused persons i.e. Prem Devi Loonia & Payal Choksey under PMLA, 2002 in a bank fraud case against M/s Shree Om Fab and others.

As per the agency, the Central Bureau of Investigation (CBI) had earlier registered an FIR on May 24, 2018 against M/s Shree Om Fab (Proprietor: Ranjit Loonia) and others, based on a written complaint filed by Oriental Bank of Commerce.

Subsequently, a chargesheet dated December 16, 2019 was filed by the CBI, which revealed that M/s Shree Om Fab, M/s Shree Baba Textile and M/s Shree Laxmi Fab all proprietorship concerns of Ranjit Loonia were sanctioned credit limits amounting to Rs 9.95 crore (Rs 10.93 crore including interest as on the date of NPA).

The investigation found that Ranjit Loonia entered into a criminal conspiracy with panel valuer Mayur Shah, bank officials, and others, and cheated the bank by submitting false and incorrect business records. Forged documents were created, including fake valuation reports of mortgaged properties, to fraudulently avail the loans.

Further, instead of utilising the cash-credit limits for legitimate business purposes, Loonia allegedly diverted the loan funds to various bank accounts without any genuine business transactions. The money was subsequently withdrawn in cash and used for purposes such as purchase of bullion and repayment of housing loans, among others.

Based on the CBI FIR and chargesheet, the Directorate of Enforcement, Ahmedabad Zonal Office, initiated an investigation under the Prevention of Money Laundering Act (PMLA), 2002. During earlier searches conducted at the premises of the accused, valuables worth approximately Rs 3.67 crore were recovered.

The ED investigation further revealed that the housing loan repayments for two immovable properties one located at Prayag Residency and the other at Siesta Dwelling were made by routing funds from the fraudulently obtained loan accounts. Consequently, the present Provisional Attachment Order (PAO) dated January 12, 2026, has been issued.

With this action, the cumulative market value of properties seized and attached by the ED so far stands at approximately Rs 8.30 crore.

Further investigation in the case is currently underway. DeshGujarat