The ED investigation was initiated on an FIR registered by the CBI's BS & FB Mumbai under various sections of the IPC and Prevention of Corruption Act against EIL and its directors based on the complaint of the Bank of India.The Ahmedabad Zonal Office of the Enforcement Directorate (ED) on Thursday said it had provisionally attached movable properties worth Rs 43.65 crore of M/s Electrotherm (India) Ltd. (EIL) under provisions of the Prevention of Money Laundering Act (PMLA).“These include Rs 25.08 crore in two Yes Bank accounts and 13,57,775 promoter shares of EIL valued at Rs18.57 crore in a matter related to a bank fraud. The total attachment/seizure/freezing in the case stands at Rs 81.97 crore,” the ED said in the statement on Thursday.Notably, this is the amount of loss allegedly incurred by Bank of India, the complainant in the case.The ED investigation was initiated on an FIR registered by the CBI’s BS & FB Mumbai under various sections of the IPC and Prevention of Corruption Act against EIL and its directors based on the complaint of the Bank of India.The statement said, “It was alleged that the accused had diverted and siphoned off funds from the credit facilities availed from the bank during the period between 2007 and 2013.The outstanding dues of EIL stood at Rs 631.97 crore and the account was later assigned to Edelweiss ARC for Rs 550 crore, resulting in a loss of Rs 81.97 crore to the bank.”“Investigation revealed that the loans dispersed by Bank of India to the company for its expansion were diverted immediately upon disbursement towards discharge of existing liabilities, contrary to its sanctioned purpose. Further, funds were transferred by EIL to various entities which were withdrawn in cash in round-some amounts shortly after receipt, either directly, or after layering through other entities. Cash running into crores of rupees was withdrawn from the bank accounts of EIL between 2007 and 2013,” it added.Story continues below this adEarlier searches conducted on the premises of the entity and its directors and promoters in January 2025 resulted in seizure or freezing of assets worth Rs 38.32 crore.On January 10 and 11, 2025, the ED had conducted searches at multiple locations in Ahmedabad and Gandhinagar on January 10 and 11 in connection with the bank fraud case against Electrotherm India Limited, its Directors Mukesh Bhandari, Shailesh Bhandari and others.During the searches, two high-end Mercedes luxury cars were seized and 37 bank accounts having bank balances to the tune of Rs 33.67 crore were frozen, totalling Rs 38.82 crore.