Surat : ED Attaches Rs.10.99 Lakh in Mobi Tech Money Laundering Case

The ED initiated its investigation based on an FIR registered by the Central Bureau of Investigation (CBI), ACB Gandhinagar against Milind Patel, proprietor of M/s Mobi Tech in Surat, and others, for corruption, criminal conspiracy, and related offences.

By TBT Web Desk Last updated Jul 4, 2025

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Surat, Gujarat – In a significant crackdown on economic offences, the Directorate of Enforcement (ED), Surat Sub-Zonal Office, has provisionally attached movable assets worth ₹10.99 lakh under the Prevention of Money Laundering Act (PMLA), 2002 in connection with a money laundering probe against M/s Mobi Tech and its associates.

The ED initiated its investigation based on an FIR registered by the Central Bureau of Investigation (CBI), ACB Gandhinagar against Milind Patel, proprietor of M/s Mobi Tech, and others, for corruption, criminal conspiracy, and related offences.

According to officials, M/s Mobi Tech had fraudulently availed a loan of ₹5 crore from the erstwhile State Bank of Bikaner and Jaipur (now merged with State Bank of India) and misappropriated the funds by diverting them to various shell entities, causing a wrongful loss of ₹3.12 crore to the bank.

“ED’s forensic financial probe has clearly established that the misused loan proceeds, classified as Proceeds of Crime (POC), were laundered and diverted to M/s Celution Corporation—a partnership firm linked to Rishit Bharatkumar Shah,” an official said.

As part of the provisional attachment order, a bank balance of ₹10.99 lakh held in the account of Rishit Bharatkumar Shah has been frozen. This is in addition to the earlier attachment of ₹11 lakh previously executed by the ED in this case.

“This action is a part of our ongoing efforts to trace and recover laundered money in financial fraud cases. The evidence strongly suggests that the funds were routed to hide their illicit origins,” the ED official added.

This latest attachment signals a tightening noose around the network of individuals and firms allegedly involved in diverting public money for personal gain. The case highlights growing concerns around financial discipline and accountability in corporate lending.

Further investigation is underway, and more attachments or arrests could follow as the ED expands its probe into all beneficiaries of the misappropriated loan funds.