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ED raids Ruchi Group’s Indore, Mumbai premises; freezes assets, seizes cash in bank fraud case

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Indore/Mumbai, Dec 25: The Directorate of Enforcement (ED), Indore Zonal Office, has conducted extensive search operations under the Prevention of Money Laundering Act (PMLA), 2002, at multiple locations in Indore and Mumbai, the investigation agency said on Thursday.

The raids on December 23 targeted premises linked to the Ruchi Group in connection with ongoing investigations into alleged bank fraud cases.

The probe stems from multiple FIRs registered by the Central Bureau of Investigation (CBI), Bhopal, against several Ruchi Group entities. These include M/s Ruchi Global Ltd. (now renamed M/s Agrotrade Enterprises Ltd.), M/s Ruchi Acroni Industries Ltd. (now M/s Steeltech Resources Ltd.), and M/s RSAL Steel Pvt. Ltd. (now M/s LGB Steel Pvt. Ltd.), it said.

The companies, promoted by the late Kailash Chandra Shahra and Umesh Shahra, are accused of orchestrating large-scale bank frauds through fund diversion, siphoning, and accounting manipulations, resulting in substantial wrongful losses to public sector banks.

The ED officials revealed that the investigation uncovered a sophisticated conspiracy involving the creation of numerous shell entities, the agency said.

These were used for round-tripping transactions, where spurious Letters of Credit and Cash Credit facilities were manipulated to divert funds for private gain.

Bogus sales and purchases were recorded, and deliberate losses inflicted to siphon off loan amounts obtained ostensibly for legitimate business purposes, it said.

Proceeds of crime generated from these frauds were allegedly concealed and layered to disguise their illicit origins.

During the searches, authorities froze bank balances exceeding Rs 20 lakh belonging to the accused persons and their family members. Additionally, cash amounting to over Rs 23 lakh was seized, along with significant incriminating documents and digital devices that establish the roles of the accused in the fraud, said the agency.

This action revives scrutiny on the Ruchi Group, which has faced prior allegations of financial irregularities.

Earlier CBI probes, dating back to 2021, had flagged similar issues in group companies, including a Rs 188 crore fraud case involving a bank consortium.

The current ED operation signals intensified efforts to trace and recover laundered assets, it said.

Further investigation is progressing, with sources indicating potential attachments of properties and deeper probes into the beneficiaries of the diverted funds.

Crime

NEET aspirant dies by suicide in Delhi days before re-exam

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New Delhi, June 17: Days before lakhs of students are set to appear for the NEET-UG re-examination on June 21, a NEET aspirant allegedly died by suicide in Delhi.

The deceased, identified as Renu, lived with her family in the Palam area of South-West Delhi. According to reports, she had appeared for the NEET examination on May 3 and had reportedly been suffering from depression after the examination was cancelled.

Police said that on June 13, Renu’s father had gone to his in-laws’ residence following the death of his father-in-law. Renu was alone at home when the incident occurred. She allegedly died by hanging herself on the evening of June 13.

A suicide note recovered from the spot revealed her emotional distress. In the note, she apologised to her parents and wrote that she had been unable to fulfil their aspirations. The family is originally from Rajasthan.

The incident comes amid growing concern over the mental well-being of students preparing for highly competitive examinations, particularly after the controversy surrounding the NEET examination and allegations of paper leaks.

Earlier this week, a 22-year-old NEET aspirant died by suicide in Rajasthan’s Sikar district. The student, identified as Umesh Mali, was preparing for his third attempt at the NEET examination, which is scheduled to be held on June 21.

This was the second case of a NEET aspirant dying by suicide in Sikar, highlighting the mounting pressure faced by students preparing for competitive entrance examinations.

According to police, Umesh was a native of Nawalgarh in Jhunjhunu district. His father works as a tile contractor in Mumbai. Umesh had been residing in a flat in the Udyog Nagar police station area of Sikar along with his mother, elder sister, and younger brother while preparing for the examination.

In another similar incident reported on Tuesday, a 23-year-old woman in Dehradun allegedly ended her life after reportedly struggling to clear the NEET examination. She left behind a note addressed to her parents that read, “Mummy-Papa, I love you.”

According to investigators, preliminary findings suggest that she had been preparing for the NEET examination for a long time and aspired to pursue a career in medicine.

Meanwhile, NTA Director General Abhishek Singh on Tuesday assured aspirants that the re-examination would be conducted in a secure and error-free manner, while cautioning students and parents against social media rackets claiming to sell “leaked papers” for hefty sums.

In a video message, Singh said there was “no leaked paper for the re-exam” and warned candidates against falling prey to fraudsters operating through Telegram channels.

He said the temporary suspension of the Telegram application till June 22 was aimed at curbing fake news and misleading claims relating to the examination.

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Crime

CISF foils smuggling bid at IGI Airport; seizes 1.21 kg gold, unaccounted cash

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New Delhi, June 17: The CISF personnel at Terminal-1 of Indira Gandhi International Airport on Wednesday intercepted a passenger bound for Kolkata after noticing suspicious behaviour during security screening. A detailed frisking led to the recovery of 1.210 kg of gold concealed in the passenger’s clothing, along with Rs 1,97,200 in unaccounted cash. Upon questioning, the passenger failed to produce any valid documents or provide a satisfactory explanation regarding the recovered items.

During the proceedings, the passenger allegedly attempted to influence the on-duty CISF personnel to avoid legal action. However, the CISF staff displayed exemplary integrity by rejecting the offer and promptly reporting the matter to senior authorities.

The passenger, along with the seized gold and cash, was subsequently handed over to the Income Tax Department for further investigation and legal action.

The successful interception highlights the vigilance, professionalism, and unwavering integrity of CISF personnel in safeguarding the nation’s civil aviation sector and reinforces their commitment to the motto of ensuring “Safe Airports, Secure Nation”.

Earlier on June 4, the CISF personnel intercepted a foreign national at the Mumbai airport and recovered illicit foreign currency worth Rs 1.39 crore, being carried by him in his luggage.

The foreign national was subsequently taken into custody and handed over to the Customs officials at the airport for further interrogation and action.

According to CISF officials, the said passenger was travelling from Mumbai to Addis Ababa with the unaccounted cash.

The foreign national, while checking in for the scheduled flight, came under the scanner of vigilant officials after the latter observed some suspicious objects in his baggage during screening at the X-BIS system. The X-ray image of his belongings created some suspicion, prompting the CISF officials to carry out a detailed examination of his hand luggage.

It was during baggage screening that the CISF personnel stumbled upon a suspicious bag, belonging to a traveller of foreign origin, and then dug deeper into the scanned image. An uncleared foreign currency amounting to USD 145,000 (approx Rs 1.39 crore) was found in his bag and subsequently seized by the authorities.

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Crime

Accused in Rs 2 crore Pune embezzlement case arrested in Nashik

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Nashik (Maharashtra), June 16: An absconding accused in a Rs 2 crore embezzlement case registered in Pune was arrested in Maharashtra’s Nashik on Tuesday, police said.

According to a complaint filed by Kiran Dadasaheb Shinde, 38, with Pune police, the responsibility for flat sales and related activities across four buildings (A, B, C, and D) of the ‘Ganga Fernhill’ project had been entrusted to Senior Sales Manager Simon Ronnie Peter, 42, but he allegedly, instead of depositing the proceeds from flat sales into the company’s account, transferred the funds to a fraudulent private bank account belonging to his associate, B. Chandrashekhar, thereby embezzling approximately Rs 2 crore collected from 32 customers.

Based on the complaint, a case was registered at Pune’s Kalepadal Police Station on June 9 (Crime No. 257/2026), under various sections of the Bharatiya Nyaya Sanhita (BNS), 2023.

However, following the registration of the case, Peter went absconding and even switched off his mobile phone to evade arrest.

During the course of the investigation, Pune police received information that the accused was hiding in Nashik city and officials from Kalepadal Police Station contacted Senior Police Inspector Ashok Sharmale of the Gangapur Police Station and sought assistance in tracing and apprehending Peter.

Acting on credible intelligence, Sharmale learned that the accused Peter had arrived in Nashik in a car and was staying in Room No. 301 of Hotel Treebo Sapphire in Kalenagar on Gangapur Road.

Upon receiving the information, Crime Investigation Team officer Ghanshyam Bhoye and his team were immediately dispatched to the location. Acting swiftly, the police team detained the accused and subsequently handed him over to the Pune police for further legal proceedings.

The operation was successfully carried out under the leadership of Senior Police Inspector Sharmale of the Gangapur Police Station, and his team, including Assistant Sub-Inspector Tushar Deore and Police Head Constables Ravindra Mohite, Girish Mahale, Bhagwat Thavil, Ghanshyam Bhoye, Pravin Kedare, Gorakh Salunke, Sujit Jadhav, and Tulshidas Chaudhary.

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