Ahmedabad: The Directorate of Enforcement (ED), Kolkata Zonal Office, conducted search operations on October 10, 2025, at 13 locations in West Bengal, Telangana, and Gujarat in connection with the case of Shree Ganesh Jewellery House (I) Ltd. under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA), the law enforcement agency announced on Monday evening.

ED initiated the investigation on the basis of an FIR registered by the Central Bureau of Investigation (CBI), Bank Fraud & Financial Securities, Kolkata, against Shree Ganesh Jewellery House (I) Ltd. and its promoters for cheating a consortium of 25 banks to the tune of ₹2,672 crore.

The ED investigation revealed that during 2010–11, the promoters of Shree Ganesh Jewellery House (I) Ltd. diverted approximately ₹160 crore of loan funds into various solar power projects. Later, to conceal true ownership, these solar power projects were shown as sold to ex-directors and associates of Shree Ganesh Jewellery House (I) Ltd. and its group entities. These coordinated actions were aimed at concealing the proceeds of crime and preventing recovery of assets by the lending banks.

During the searches, multiple bank accounts of associated companies were traced and frozen. In addition, several incriminating documents, digital records, and other materials were found and seized. The probe also revealed that a few professionals, including a chartered accountant and other legal professionals, actively helped in setting up a maze of companies to cover up the flow of illegal funds.

Earlier, in this case, properties worth ₹193 crore had already been provisionally attached, and a prosecution complaint was also filed. Further, funds amounting to around ₹33 crore were frozen during the search operations. Further investigation is underway. DeshGujarat