ED attaches ₹69.84 crore worth of properties in the Parekh Aluminex bank fraud money laundering investigation | File Photo
Mumbai, Feb 04: The Enforcement Directorate (ED) has provisionally attached immovable properties worth Rs 69.84 crore in connection with a money-laundering probe linked to an alleged Rs 2,296-crore bank fraud by Mumbai-based Parekh Aluminex Limited (PAL), officials said on Wednesday.
Assets held by accused and related entities
The attached assets — flats and plots located across Maharashtra — are held in the name of Kamlesh Kanungo, his family members and entities allegedly beneficially owned and controlled by him. The attachment has been made under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
CBI FIR formed basis of probe
The ED’s Mumbai zonal office initiated the investigation based on an FIR registered by the CBI’s Economic Offences Branch (EOB) against PAL, its promoter late Amitabh Arun Parekh, Kamlesh Kanungo and others for alleged offences under the IPC and the Prevention of Corruption Act.
Alleged Rs 2,296-crore bank fraud
According to the ED, PAL fraudulently secured credit facilities from a consortium of 17 banks, led by Indian Overseas Bank, by submitting significantly inflated stock and debtor statements. These loan accounts were later classified as non-performing assets (NPAs), resulting in a massive loss of approximately Rs 2,296 crore to the banking consortium.
Kanungo named principal beneficiary
The agency has alleged that Kanungo was the principal beneficiary of the proceeds of crime, having received and enjoyed about Rs 1,270 crore. The ED claims these funds were siphoned off through multiple layers of shell entities to obscure the money trail.
Earlier attachments and prosecution
Earlier, the agency had attached assets worth approximately Rs 205 crore in the case and filed a prosecution complaint in 2020 before a special PMLA court in Mumbai, which subsequently took cognisance of the offence.
Funds routed through other entities
Further investigation revealed that out of the Rs 1,270 crore allegedly received by Kanungo, proceeds of crime worth around Rs 355 crore were routed through five entities linked to businessman Kirti Kedia. Based on these findings, the ED issued another attachment order in June 2025, attaching immovable properties worth about Rs 218 crore.
Latest attachment order
In the latest round of action, the agency identified additional properties in the name of Kanungo, his wife Dimple Kanungo and related entities. An attachment order dated February 2 was issued to provisionally attach these assets valued at Rs 69.84 crore.
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Total attachment nears Rs 493 crore
With this, the total value of assets attached so far in the case has reached approximately Rs 493 crore, the ED said, adding that further investigation is currently underway to trace and recover the remaining proceeds of crime forming part of the overall Rs 2,296-crore bank fraud.
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