Enforcement Enforcement Directorate
ED attaches ₹4.53 crore in Steel Konnect India bank fraud case
This is a press release from the Directorate of Enforcement (ED), Ahmedabad, announcing the provisional attachment of properties worth approximately Rs. 4.53 crore in a bank fraud case involving M/s Steel Konnect India Private Limited.
It matters to citizens as it details a significant enforcement action regarding the misappropriation of Rs. 79.56 crore in loan funds.
Who it concerns: M/s Steel Konnect India Private Limited, its erstwhile directors, unknown associates, sister concern companies, subsidiary companies, and the affected bank.
What the ED says it did
- ED Ahmedabad issued a Provisional Attachment Order (PAO) on 24.08.2026 under the Prevention of Money Laundering Act (PMLA), 2002.
- Movable and immovable properties with a total value of approximately Rs. 4.53 crore were attached.
- The total Proceeds of Crime in the case amount to Rs. 79.56 crore.
- The investigation was initiated based on an FIR registered by the Central Bureau of Investigation (CBI) under the Indian Penal Code, 1860, and the Prevention of Corruption Act 1988.
- ED found that the company's directors colluded to violate loan terms, siphon funds via cash withdrawals, and transfer funds to sister concerns without genuine business transactions.
- Loan proceeds were routed through Non-Consortium Bank Accounts, personal accounts of directors, and transactions through subsidiary companies.
Also in the document
- The ED stated that the actions were committed with the dishonest intention of causing wrongful loss to the bank and wrongful gain to the directors.
- Further investigation into the money trail and utilization of funds is currently under progress.
How this was written
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The original document
Enforcement Directorate — Attachments, arrests and prosecution complaints under PMLA and FEMA
Press release · Ref. 67f14210fc01cb5b · 25 Sep 2026
Read it here
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