1 week ago
ED Attaches ₹9.19 Crore Assets in Sayona Colors Case
The Enforcement Directorate is investigating a suspected bank loan fraud involving Sayona Colors and related companies.
The agency says ₹71.88 crore in bank loans was allegedly misused.
It claims some of the money was moved to promoters and connected companies.
Investigators say bogus agreements and repeated transfers between companies helped create a stronger-looking financial picture.
Banks allegedly increased credit limits based on that picture.
The ED has temporarily attached property and financial assets worth ₹9.19 crore.
The assets include land, a flat, deposits and shares.
The total value of assets attached in this case is now ₹9.62 crore.
The allegations will be examined through the legal process.
The Enforcement Directorate provisionally attached assets worth ₹9.19 crore in the Sayona Colors bank fraud case.
The attached assets include agricultural and industrial land, a residential flat, term deposits and equity shares.
The total value of assets attached in the case has reached ₹9.62 crore.
The ED alleges that ₹71.88 crore in bank loans was diverted through bogus agreements and circular transactions.
The investigation began after a CBI FIR against Sayona Colors, Shamrock Chemie, their directors and others.
- Who
- The Enforcement Directorate is investigating Sayona Colors Private Limited, director Paresh D Patel, Shamrock Chemie Private Limited, their directors and others.
- What
- The ED provisionally attached assets worth ₹9.19 crore under the Prevention of Money Laundering Act in an alleged ₹71.88-crore bank loan fraud case.
- Where
- The case involves the ED’s Ahmedabad Zonal Office and a FIR registered in Mumbai by the CBI’s Banking Securities and Fraud Branch.
- When
- The attachment was reported on August 24, 2026; the article states it occurred on Monday.
- Why
- The ED alleges that bank loan funds were diverted through bogus agreements, misuse of Letter of Credit facilities and circular transactions.
Key facts
- Latest attachment
- ₹9.19 crore in movable and immovable assets
- Total attachments
- ₹9.62 crore
- Alleged bank fraud
- ₹71.88 crore
- Legal basis
- Prevention of Money Laundering Act
- Assets attached
- Four agricultural land parcels, two industrial land parcels, a residential flat, term deposits and equity shares
- Investigation origin
- An FIR by the CBI’s Banking Securities and Fraud Branch, Mumbai
- Attachment order
- The second provisional attachment order in the case
Sources
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