ED Seizes ₹112.9 Crore Properties, Including Texas Home, in LEEL Electricals Probe

The Enforcement Directorate (ED) has provisionally attached assets worth ₹112.90 crore , including a residential property in Texas, United States , in an alleged money laundering case linked to Noida-based LEEL Electricals Limited and its promoters.

The attachment, carried out under the Prevention of Money Laundering Act (PMLA) , covers 22 movable and immovable properties across Delhi, Uttarakhand, Gujarat, Madhya Pradesh, Telangana, Goa, Maharashtra, Tamil Nadu, and the US. The Texas property is jointly owned by the company's principal promoter Bharat Raj Punj and his wife Pooja Punj .

The ED said the investigation is based on a CBI FIR alleging that the company's promoters and senior officials conspired to cheat a consortium of banks led by the State Bank of India (SBI) by submitting manipulated financial statements. The alleged fraud caused a wrongful loss of about ₹376 crore to SBI and IDBI Bank .

According to the agency, the company inflated the value of assets, inventories and receivables to secure and continue availing bank credit. The ED alleged that the funds were siphoned through promoter-controlled entities in India and transferred to overseas subsidiaries as investments and loans to conceal the proceeds of crime .

The agency further claimed that part of the diverted funds was converted into immovable properties held by related entities and members of the promoter family. It said the Texas residence represents alleged proceeds of crime held outside India and has been attached as part of its ongoing asset recovery efforts while the money laundering investigation continues.