ED: The Enforcement Directorate’s Bhopal zonal office has submitted a prosecution complaint in a money laundering case linked to an alleged bank loan fraud involving Manoj Parmar and his associates. According to officials, the chargesheet names Mark Pius Karari along with four others and has been filed before the Special Court under the Prevention of Money Laundering Act (PMLA), 2002, in Bhopal. Following the submission, the court has issued notices to all accused individuals.

Case Filed Under PMLA in Bhopal Court

ED officials confirmed that the complaint was presented on Wednesday, and procedural steps were completed the next day with the court taking cognisance of the matter. The case is being examined under provisions of the PMLA, which deals with the offence of laundering proceeds derived from criminal activity. The accused have now been formally informed to appear before the court as the legal process moves forward.

Probe Originated From CBI FIR

The money laundering investigation stems from a separate case registered earlier by the Central Bureau of Investigation in Bhopal. The CBI had lodged a first information report under multiple sections of the Indian Penal Code and the Prevention of Corruption Act, 1988. Based on this FIR, the Enforcement Directorate initiated its own probe to trace the financial trail and identify the alleged laundering of funds.

Loans Allegedly Obtained Through Fraudulent Means

Investigators found that Manoj Parmar allegedly worked in collusion with the then branch manager of Punjab National Bank to secure loans by fraudulent means. The loans were sanctioned under two government-backed schemes, the Pradhan Mantri Employment Generation Programme and the Chief Minister Yuva Udyami Yojana, both aimed at encouraging entrepreneurship and self-employment.

Multiple Loans Sanctioned Using Fake Applicants

According to the findings, 18 separate loans were approved in 2016 with a combined sanctioned value of Rs 6.20 crore. These loans were allegedly processed using fabricated applicant details, forged documents, and false quotations. Out of the sanctioned amount, Rs 6.01 crore was ultimately disbursed by the bank.

Serious Violations of Banking Procedures

The investigation also uncovered significant lapses in internal banking controls. Officials stated that mandatory loan sanction conditions were ignored, second-level approvals were bypassed, and loans were cleared beyond the financial authority vested in the branch manager. Such deviations from standard procedure played a key role in enabling the alleged fraud, the agency noted.

No Business Activity Found on Ground

Field verification conducted during the probe revealed that none of the purported business units linked to the loans were ever established. In several instances, individuals listed as borrowers denied having applied for or received any loan amounts. These findings reinforced the agency’s conclusion that the schemes were misused purely as conduits for siphoning funds.

Funds Diverted and Layered to Mask Origin

The ED stated that the loan proceeds were diverted into accounts of firms controlled by Manoj Parmar and his associates. The money was routed through multiple interconnected entities, withdrawn largely in cash, and used for acquiring properties in the names of Parmar and others. Investigators said the firms were used to create an appearance of legitimate business activity, while in reality serving to conceal the illegal origin of the funds.

Properties Worth Over Rs 2 Crore Attached

As part of its action under the PMLA, the Enforcement Directorate has provisionally attached 12 immovable properties valued at approximately Rs 2.08 crore. These assets are located in Ashta town of Madhya Pradesh’s Sehore district and are allegedly linked to Manoj Parmar and his associates. The attachment aims to prevent further disposal of assets suspected to be proceeds of crime.

Investigation Continues

Officials indicated that further investigation is ongoing to identify additional assets and individuals connected to the alleged laundering network. The agency is also examining the role of other entities involved in the financial transactions as the case progresses.