ED Attaches ₹22.51 Crore Pune Land In Topworth Pipes Money Laundering Case

· Free Press Journal

Mumbai, March 27: The Enforcement Directorate (ED) has provisionally attached an immovable property worth Rs 22.51 crore in Pune in connection with a money laundering probe linked to an alleged bank fraud involving M/s Topworth Pipes and Tubes Pvt Ltd (TPTPL) and its promoters, officials said on Friday.

Property in Pune attached in ongoing probe

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The attached asset comprises agricultural land located at Savardari village in Khed taluka of Pune district and is held in the name of Abhay Lodha, a promoter of the Topworth Group and a director in TPTPL. The agency issued a fresh attachment order on March 26 after identifying the property during the course of its investigation.

With the latest action, the total value of assets attached in the case has risen to about Rs 38.11 crore, against the total proceeds of crime estimated at Rs 56.81 crore, officials said.

CBI FIR forms basis of investigation

The action under the Prevention of Money Laundering Act (PMLA) follows an FIR registered by the Central Bureau of Investigation (CBI)’s Bank Securities and Fraud Cell in Mumbai against TPTPL, Lodha and others under provisions of the Indian Penal Code and the Prevention of Corruption Act, 1988.

Fraudulent LC discounting caused bank losses

According to the ED, its probe revealed that TPTPL fraudulently discounted 24 bills under 11 Letters of Credit (LCs) with the State Bank of India (SBI). However, the LC-issuing banks and associated companies later rejected these bills, resulting in non-payment and causing a wrongful loss of Rs 56.81 crore to SBI.

The agency alleged that the company, under the direction of Abhay Narendra Lodha, fraudulently obtained funds by discounting LCs without actual supply of goods, using forged invoices, fake lorry receipts and other fabricated documents to the banks to secure funds.

“In a majority of the transactions, goods were either not supplied or only partially supplied, while full amounts were realised,” the agency said.

Funds diverted and layered through multiple entities

The ED further alleged that Lodha, as the key promoter and decision-maker of the Topworth Group, controlled the company’s financial operations and directed the preparation of forged documents as well as the routing of funds.

According to the agency, proceeds generated through the alleged fraudulent LC discounting were not used for legitimate business activities but were diverted towards repayment of existing liabilities and routed through multiple group and shell entities to layer the funds.

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Earlier, the ED had provisionally attached assets worth around Rs 15.60 crore in the case and filed a prosecution complaint before a special PMLA court in Mumbai.

Officials said the latest attachment is part of ongoing efforts to trace and secure assets linked to the alleged fraud as the investigation progresses.

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