Indore, October 1, 2026 (Yes Punjab News)
The Directorate of Enforcement (ED), Indore Sub-Zonal Office, has filed a charge sheet before the Special Court under the Prevention of Money Laundering Act (PMLA) against 21 individuals and entities in an alleged Rs 66-crore bank fraud case involving Ruchi Global Ltd, now known as Agrotrade Enterprises Ltd.
According to an ED statement issued on Thursday, the court has issued notices to the accused for a pre-cognisance hearing.
The ED initiated its investigation under the PMLA, 2002, based on an FIR registered by the Central Bureau of Investigation (CBI), Bhopal, against Ruchi Global Ltd and its directors over alleged wrongful losses caused to a consortium of banks.
The investigation revealed that Ruchi Global Ltd allegedly obtained non-fund-based credit facilities, primarily Letters of Credit (LCs), worth approximately Rs 66 crore from a consortium comprising Punjab National Bank, Bank of Baroda and Jammu & Kashmir Bank.
The LCs were allegedly issued in favour of related associate concerns under the pretext of purchasing agricultural commodities. The ED stated that fabricated documents, including forged bills of exchange and fake lorry receipts, were used in the transactions.
According to the agency, after the bills were discounted through negotiating banks, the proceeds were rapidly routed through a network of shell companies and other entities before being transferred back into Ruchi Global Ltd’s bank accounts within one to three days.
The company allegedly failed to make payments on the due dates, resulting in the LCs devolving upon the issuing banks and causing financial losses to the consortium.
During the investigation, the ED conducted search operations under Section 17 of the PMLA on December 23, 2025. The searches led to the seizure of unaccounted cash amounting to Rs 23.50 lakh and the freezing of bank accounts.
Subsequently, on February 18, 2026, the agency issued a Provisional Attachment Order attaching immovable property valued at Rs 5.13 crore.
The ED said further investigation is underway to trace the complete money trail and establish the roles of all individuals and entities allegedly involved in the case.
The filing of the prosecution complaint marks a further step in the agency’s proceedings under the PMLA in connection with the alleged bank fraud.
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