ED Provisional Attachment of Assets in Ushdev International Ltd. Bank Fraud Case.
12 September 2024
On September 10, 2024, the Directorate of Enforcement (ED) attached assets worth Rs. 43.52 Crore related to Ushdev International Limited (UIL) and associated parties. This action, taken under the Prevention of Money Laundering Act (PMLA), 2002, follows a bank fraud investigation initiated by the CBI. The fraud involved a loan of Rs. 1438.45 Crore from multiple banks, which UIL diverted to various entities as advances and unsecured loans. The funds were then transferred to India-based companies linked to UIL’s overseas subsidiaries. ED's probe revealed that UIL misused bank credit to siphon funds to overseas entities controlled by its directors and shareholders. This provisional attachment targets assets located in India and follows earlier searches conducted in February 2023.
