Ahmedabad, Aug. 24 -- The Directorate of Enforcement (ED), Ahmedabad Zonal Office, on Monday attached movable and immovable properties valued at Rs.9.19 crore under the Prevention of Money Laundering Act (PMLA), 2002.

The action comes in connection with an ongoing investigation into a Rs.71.88 crore bank fraud scheme involving M/s Sayona Colors Private Limited (SCPL) and associated entities.

ED initiated its probe following an FIR registered by the CBI, BS&FB Mumbai, against SCPL, its director Paresh D. Patel, M/s Shamrock Chemie Pvt Ltd, its directors, and others for defrauding banks and diverting funds.

Investigation revealed that SCPL misused Letter of Credit facilities, engaged in bogus agreements, and executed circular transaction...