6 days ago
ED attaches 18 Indore properties in ₹26-crore warehouse finance fraud
The Enforcement Directorate is investigating an alleged warehouse loan fraud in Indore.
It says Alok Sharda and others used warehouse receipts to obtain loans.
The receipts claimed that farmers’ soybean and gram were stored in a warehouse.
Loans were sanctioned against 62,965 bags of these commodities.
Investigators later found that much of the pledged stock was missing.
They allege the goods were removed and sold without permission.
The alleged losses totaled about ₹26 crore.
The agency has temporarily attached 18 properties valued at ₹13 crore while the case is investigated.
The Directorate of Enforcement provisionally attached 18 immovable properties valued at ₹13 crore under the Prevention of Money Laundering Act.
The investigation stems from two Economic Offences Wing FIRs in Bhopal involving a private bank and Kisan Dhan Agri Financial Services.
Alok Sharda allegedly used warehouse receipts to secure loans for 42 farmers against 62,965 bags of soybean and gram.
Investigators said pledged commodities were removed and sold without the lender’s required release or no-objection certificate.
The alleged scheme caused approximately ₹26 crore in losses while generating corresponding wrongful gains for the accused persons.
- Who
- The Directorate of Enforcement is investigating Alok Sharda and other accused persons.
- What
- The agency provisionally attached 18 properties in an alleged warehouse receipt finance fraud.
- Where
- The case concerns Sharda Warehouse in Manpur, Indore district, with related FIRs registered in Bhopal.
- When
- The action was reported on Thursday; the articles do not provide a calendar date.
- Why
- Investigators allege that warehouse receipts and stock representations were falsified or misused to obtain loans and that pledged commodities were removed without authorization.
Key facts
- Attached properties
- 18 immovable properties
- Attached property value
- ₹13 crore
- Alleged total loss
- Approximately ₹26 crore
- Bank loss
- ₹14.04 crore
- Kisan Dhan financing
- ₹12.04 crore
- Farmers involved
- 42
- Reported commodities
- 62,965 bags of soybean and gram
- Legal provision
- Prevention of Money Laundering Act, 2002
Sources
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