Ahmedabad: The Directorate of Enforcement (ED), Ahmedabad Zonal Office, has provisionally attached immovable and movable properties worth Rs 1.09 crore belonging to Dhaval Solani, the controlling person of M/s Creditbulls Investments, and his family.
The action, taken under the Prevention of Money Laundering Act (PMLA), 2002, follows an extensive investigation into financial fraud allegedly committed by the investment firm.
The probe was initiated based on multiple FIRs registered by Gujarat and Tamil Nadu Police in Jamnagar, Rajkot, and Chennai, accusing M/s Creditbulls Investments, Dhaval Solani, and associates of defrauding the public by promising high monthly returns.
Initially, the Proceeds of Crime (PoC) in the case were estimated at Rs 8.93 crore. However, further investigations revealed that the actual amount has ballooned to Rs 23 crore, with indications that the scam extends across multiple states and Union Territories, including Gujarat, Tamil Nadu, and Delhi, making it a pan-India financial fraud.
Earlier, the ED conducted searches at various locations linked to Creditbulls Investments, Dhaval Solani, and others, leading to the seizure and freezing of a luxury vehicle, incriminating documents, and approximately Rs 50 lakh in a Demat account.
Investigators also uncovered evidence that public funds collected by the accused were misused for personal luxury expenditures and siphoned off to foreign accounts, raising concerns over international money laundering.
With further quantification of the scam expected, ED’s investigation is still in progress. Authorities are working to trace additional assets and uncover the full extent of the fraudulent financial network.
The case highlights the increasing scrutiny by law enforcement agencies on fraudulent investment schemes that lure unsuspecting investors with unrealistic profit promises—an alarming trend in India’s financial sector.
In recent years, Gujarat has witnessed several significant financial frauds leading to enforcement actions by authorities. In December 2024, the Enforcement Directorate (ED) conducted searches at 19 locations across Gujarat, including Rajkot, Kutch, Jamnagar, and Surendranagar, in connection with the misappropriation of government funds in post offices.
These searches resulted in the seizure of approximately Rs 1 crore and uncovered details of immovable properties exceeding Rs 1.5 crore.
In October 2024, the ED carried out multi-city searches in Gujarat related to a money laundering case linked to a Goods and Services Tax (GST) fraud. Raids were conducted at 23 premises in cities such as Rajkot, Junagadh, Ahmedabad, Bhavnagar, and Veraval.
This action followed the arrest of eight individuals, including a journalist, by the state police for their alleged involvement in the fraud.
Another notable case involves the Adarsh Credit Cooperative Society, which was implicated in a Ponzi scheme defrauding over 20 lakh depositors of approximately Rs 8,000 crore.
Founded by Mukesh Modi, the society misused funds for personal gains, leading to the arrest of several key figures and the attachment of properties worth Rs 1,489 crore by the ED.
(IANS)
