ED investigation revealed that Manoj Parmar, with the help of the then Branch Manager of Punjab National Bank, fraudulently availed loans under two government schemes. A total of 18 loans worth Rs6.20 Crore were sanctioned
FinTech BizNews Service
Mumbai, November 29, 2025: Directorate of Enforcement (ED), Bhopal Zonal Office has provisionally attached 12 immovable properties to the tune of Rs. 2.08 Crore (approx.) situated in Ashta, Sehore, (Madhya Pradesh) belonging to Manoj Parmar & Others under the provisions of Prevention of Money Laundering Act (PMLA), 2002 on 28/11/2025 in the case of Manoj Parmar & Others, as per a press release issued by the ED today.
ED initiated investigation on the basis of FIR registered by the CBI, Bhopal, under various sections of IPC, 1860 against Manoj Parmar, Mark Pius Karari (then Branch Manager, Punjab National Bank, Ashta, District Sehore), and others. Subsequently, chargesheet was filed by CBI against Manoj Parmar & Others. ED investigation revealed that Manoj Parmar, with the help of the then Branch Manager of Punjab National Bank, fraudulently availed loans under two government schemes — the Pradhan Mantri Employment Generation Programme (PMEGP) and the Chief Minister Yuva Udyami Yojana (CMYUY). A total of 18 loans worth Rs. 6.20 Crore were sanctioned in 2016using fake applicants, forged documents, and fabricated quotations out of which Rs 6.01 Crore were actually disbursed. It is revealed that bank’s loan sanction terms were ignored, second-level approvals were bypassed, and loans were cleared even beyond the Branch Manager’s financial powers. Field inspections by bank officials later confirmed that no business units were ever set up, and many supposed borrowers denied applying for or receiving any loans, showing that the schemes meant for self-employment were grossly misused. Subsequently,the fraudulently availed loan funds were diverted into accounts of firms controlled by Manoj Parmar and his close associates. From these accounts, the funds were moved between multiple linked entities to hide their source, withdrawn in cash, and partly used for buying properties in the names of Manoj Parmar and Others. Firms controlled by Manoj Parmar and others were used as layers to circulate the money and project false business activity. This systematic routing, layering and cash withdrawal of government-subsidized loan funds clearly shows deliberate diversion of public money, forming Proceeds of Crime. Further investigation is under progress.
