New Delhi, April 1, 2025 – The Enforcement Directorate (ED) has provisionally attached seven immovable properties worth ₹110 crore in connection with a bank fraud case involving Lakhani India Limited, Lakhani Rubber Udyog Pvt Ltd, Lakhani Apparel Pvt Ltd, and other affiliated companies.
The ED initiated its probe based on multiple First Information Reports (FIRs) registered by the Central Bureau of Investigation (CBI) in Delhi and Chandigarh between 2021 and 2023. These FIRs were filed under various sections of the Indian Penal Code (IPC), 1860, and the Prevention of Corruption Act, 1988, against the Lakhani group and its promoters P.D. Lakhani and Suman Lakhani for criminal conspiracy, cheating, and financial fraud against multiple banks.
Fraudulent Diversion of Funds
The ED investigation revealed that Lakhani India Limited and its group companies defrauded three major banks—Indian Overseas Bank, Punjab National Bank, and Allahabad Bank—by misappropriating and diverting loan funds. The fraudulent transactions, orchestrated by the company’s promoters, led to a financial loss of approximately ₹162 crore to these banks.
The company misused business and capital loans by:
Selling products at a loss to related parties to create artificial transactions.
Repaying loans of its sister concerns using misappropriated funds.
Making excessive interest payments to company directors, raising suspicions of financial irregularities.
Assets Attached by ED
In its ongoing probe, the ED has detected and provisionally attached assets linked to the Lakhani group, which include:
Five commercial plots spanning over 20 acres in the National Capital Region (NCR).
A two-acre farmhouse belonging to the promoters.
A commercial flat-cum-office space also located in the NCR.
This latest action is part of the ED’s wider crackdown on financial fraud and money laundering, reinforcing its commitment to recovering assets linked to corporate fraud and banking scams. Further investigations are ongoing to track additional assets and money trails connected to the Lakhani group.
