Electrotherm India Bank Fraud: ED Freezes Rs33.67 Crore from 37 Bank Accounts, Seizes 2 Mercedes Cars
Moneylife Digital Team 16 January 2025
The Ahmedabad zonal office of the directorate of enforcement (ED) has frozen 37 bank accounts with a balance of Rs33.67 crore and seized two high-end Mercedees-make luxury cars in the bank fraud case against Electrotherm India Ltd and others.
 
In a release, ED says, "Ahmedabad zonal office (of ED) has conducted search operations at multiple locations in Ahmedabad and Gandhinagar on 10th January and 11 January 2025 inconnection with ongoing bank fraud case against Electrotherm India and others under the provisions of Prevention of Money Laundering Act (PMLA), 2002. During the search operations, two high-end Mercedees-make luxury cars were seized and 37 bank accounts having bank balances of around Rs33.67 crore were frozen."
 
ED's investigation against Electrotherm India and the company directors Mukesh Bhandari, Shailesh Bhandari and others were initiated based on a first information report (FIR) registered by the banking securities fraud branch (BSFB) of central bureau of investigation (CBI) against them. Bank of India had filed the complaint for causing wrongful loss of Rs631.97 crore to the lender. During the course of the investigation under PMLA, the final proceeds of crime were found to be about Rs81.97 crore as of 30 June 2014.
 
"Mukesh and Shailesh Bhandari both are also being investigated by the ED, Ahmedabad in two similar bank fraud cases relating to Electrotherm India and its group companies. In one case, Electrotherm India availed various loans from Central Bank of India and defaulted on its repayment of Rs388.23 crore. An attachment of Rs179 crore was made by ED earlier, and a prosecution complaint was also filed in the trial court," the agency says.
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