On Thursday, the Enforcement Directorate (ED) annexed ten properties in Satna and Sehore belonging to M/s Navbharat Press (Bhopal) that were valued at Rs 2.36 crore. On March 30, 2024, the Enforcement Department (ED) filed a lawsuit against Navbharat Press under the Prevention of Money Laundering Act (PMLA) 2002. Following this, the following action was done.

An investigation found that in 2004, the Bank of Maharashtra, located in Gautam Nagar, Bhopal, granted a loan of Rs 15.67 crore to Sumit Maheshwari, Director of M/s Navbharat Press (Bhopal) Private Limited, and others for the purpose of modernizing the press and buying machinery. This sum was moved to the accounts of other businesses held by Sumit Maheshwari, the brother of Sandeep Maheshwari, and group employees. These businesses also include ENBEE Group.

The Bank of Maharashtra loan was utilized to pay off a number of personal loans as well as corporate obligations. The press release from the Enforcement Department on Thursday claims that M/s Navbharat Press (Private Limited) deceived the bank by moving the loan amount to a different business. As a result, Navbharat Press's Rs 15.67 crore debt turned into non-performing assets (NPA).

There are ten Satna-Sehore properties linked.
Ten properties of M/s Navbharat Press (Bhopal) Private Limited, which are situated in Satna and Sehore, have been attached, according to the report from the ED. On March 30, 2024, ED issued an order under the PMLA Act 2002 for the temporary attachment of the group's associated properties.

Property valued at Navbharat Rs 2.36 crore Click the following: ED action in Satna-Sehore, Money Laundering Act complaint filed