Bank fraud involving Sayona Colors Private Limited (SCPL), its director Paresh D. Patel, Shamrock Chemie Private Limited and others.
AHMEDFABAD (India CSR): The Directorate of Enforcement (ED) has provisionally attached movable and immovable assets worth ₹9.19 crore in a money-laundering investigation linked to the alleged bank fraud involving Sayona Colors Private Limited (SCPL), its director Paresh D. Patel, Shamrock Chemie Private Limited and others. The latest action, taken by the ED’s Ahmedabad Zonal Office under the Prevention of Money Laundering Act (PMLA), 2002, is the second provisional attachment order in the case. With this order, the aggregate value of assets attached in the matter has reached Rs. 9.62 crore, according to the agency’s official press release.
CBI FIR Triggered Probe
The ED said it began its investigation on the basis of an FIR registered by the Central Bureau of Investigation’s Banking Securities and Fraud Branch, Mumbai. The FIR alleged that SCPL, its director, Shamrock Chemie and others had defrauded banks of about Rs. 71.88 crore. According to the ED, the alleged fraud involved diversion of bank loan funds to sister concerns through bogus agreements and circular transactions. The agency has alleged that these transactions were used to present an inflated financial position and induce banks to enhance credit facilities.
The investigation remains ongoing. The ED’s assertions are allegations under investigation; the attachment is a provisional action under the PMLA and does not by itself determine criminal liability.
Assets Linked To Alleged Diversion
The assets covered under the latest provisional attachment order include:
| Asset category | Details stated by ED |
|---|---|
| Agricultural land | Four parcels, allegedly acquired through diverted loan funds |
| Industrial land | Two industrial land properties |
| Financial assets | Term deposits |
| Residential property | One residential flat |
| Securities | Equity shares held in two demat accounts |
The ED has alleged that SCPL diverted loan funds for acquiring properties in the names of promoters and group entities. It further alleged that funds were transferred to group companies directly or through the misuse of Letter of Credit facilities. The agency has also alleged that SCPL and Shamrock Chemie entered into bogus agreements and carried out transactions against those agreements to divert bank funds. Circular routing of money among the companies and their group entities was allegedly used to obtain higher credit limits from banks.
Second Attachment Takes Total To ₹9.62 Crore
The present attachment of Rs. 9.19 crore is the second such order in the case. Based on the rounded figures disclosed by the ED, the first attachment was approximately Rs. 0.43 crore, or Rs. 43 lakh, as the cumulative attachment value is now Rs. 9.62 crore. However, the ED’s August 24 press release does not disclose the date, asset-wise break-up or other particulars of the first attachment order. Therefore, Rs. 43 lakh should be treated as a calculation based on the two aggregate values stated by the agency, rather than as a separately detailed ED figure.
The latest attachment accounts for the substantial majority of the assets attached so far in the investigation.
What A Provisional Attachment Means
A provisional attachment under the PMLA is intended to prevent the transfer, concealment or disposal of assets that investigating agencies allege are connected with proceeds of crime. Such an order is subject to the statutory process before the Adjudicating Authority under the PMLA. For banks and financial institutions, cases involving alleged fund diversion and circular transactions underline the importance of continuous monitoring of related-party transactions, end-use of funds, underlying trade documents, borrower disclosures and credit-limit utilisation. The case also reflects the broader enforcement focus on tracing assets allegedly acquired from diverted credit facilities, including real estate, deposits and securities. The ED has said that further investigation is under progress.
Source: Enforcement Directorate press release dated August 24, 2026
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