New Delhi

 The Enforcement Directorate (ED) on Wednesday announced the attachment of movable and immovable properties worth Rs 35.22 crore under the Prevention of Money Laundering Act (PMLA), 2002, in connection with its investigation into the Suumaya Group and associated entities.

The attached assets include bank balances, demat holdings, mutual funds, and two immovable properties. The ED’s Mumbai Zonal Office launched the probe following a First Information Report (FIR) filed by the Worli Police Station against Suumaya Industries Ltd, its promoters, and others under multiple sections of the Indian Penal Code, 1860.

According to the ED, the accused allegedly conspired to embezzle Rs 137 crore by promising benefits under a purported “Need to Feed Program.” Investigators said the Suumaya Group created a fake Haryana government contract under this program to secure funds and trade financing, presenting non-existent operations as legitimate business.

The probe revealed that the funds were diverted by promoter Ushik Gala to Delhi- and Haryana-based shell agro trading entities through an intermediary, with no actual procurement taking place. Fake invoices and lorry receipts were generated to simulate large-scale trade, resulting in circular transactions amounting to Rs 5,000 crore, of which only about 10% represented genuine trade.

These fabricated transactions inflated the group’s turnover from Rs 210 crore to Rs 6,700 crore within two years, artificially boosting share prices and misleading investors.

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Earlier, the ED carried out searches at 19 locations across Mumbai, Delhi, and Gurgaon, seizing movable assets worth Rs 3.9 crore along with financial and digital records that supported the money laundering case.

Ushik Gala, the group’s promoter, was arrested under Section 19 of the PMLA on November 17 last year.