ED seizes ₹2.08 crore in assets tied to PNC Bank loan fraud scheme
The Enforcement Directorate (ED) has seized 12 properties worth around Rs 2.08 crore in Ashta town, Sehore district. These assets belong to Manoj Parmar and his associates, linked to a bank loan fraud case under the Prevention of Money Laundering Act (PMLA). The action follows a long-running investigation into misused government self-employment schemes.
In 2016, Manoj Parmar allegedly colluded with Mark Pius Karari, then the branch manager of PNC Bank in Ashta. Together, they secured 18 loans totalling Rs 6.20 crore under the PMEGP and CMYUY schemes. The funds were obtained using forged documents, fake quotations, and fabricated project reports in the names of non-existent applicants.
The attached properties mark another step in the ED’s crackdown on the fraudulent loan scheme. The case involves multiple accused, including a former US Bank official, and centres on the misuse of government-backed self-employment funds. Further legal proceedings are expected to follow.
