ED attaches ₹43.65 crore in Bank of India fraud case

This is a press release from the Directorate of Enforcement (ED) announcing the provisional attachment of movable properties worth Rs. 43.65 Crore against M/s Electrotherm (India) Ltd. (EIL) under the Prevention of Money Laundering Act, 2002. It matters to citizens as it details the enforcement action taken against a corporate entity for alleged financial irregularities involving bank funds.

Who it concerns: M/s Electrotherm (India) Ltd. (EIL), its directors/promoters, Bank of India, Edelweiss ARC, and the Directorate of Enforcement (ED).

What the ED says it did

• ED provisionally attached movable properties worth Rs. 43.65 Crore on 25.09.2026 under PMLA, 2002.
• Attached assets include Rs. 25.08 Crore in two Yes Bank accounts and 13,57,775 promoter shares valued at Rs. 18.57 Crore.
• Investigation was initiated based on an FIR by CBI, BS&FB, Mumbai, against EIL and its directors on complaint of Bank of India.
• Allegations state that funds from credit facilities (2007-2013) were diverted and siphoned off.
• EIL's outstanding dues were Rs. 631.97 Crore; the account was assigned to Edelweiss ARC for Rs. 550 Crore, resulting in a loss of Rs. 81.97 Crore to the bank.
• Investigation found that loans for expansion were used to discharge existing liabilities and funds were withdrawn in cash round-sums after layering through other entities.
• Previous searches in January 2025 resulted in seizure/freezing of Rs. 38.32 Crore, confirmed by the Adjudicating Authority.
• Total seizure/freezing/attachment in the case now stands at Rs. 81.97 Crore.

Also in the document

• The total amount attached/seized (Rs. 81.97 Crore) matches the calculated loss to Bank of India (Rs. 81.97 Crore).
• The investigation period for the alleged diversion of funds is specified as 2007 to 2013.