ED Attaches Pune Land Worth Rs 22.51 Crore in Topworth Pipes Bank Fraud Case
March 27, 2026
ETT News / New Delhi
The Directorate of Enforcement (ED) has attached an agricultural land parcel worth ₹22.51 crore in Pune district in connection with a money laundering investigation linked to an alleged ₹56.81 crore bank fraud involving M/s Topworth Pipes and Tubes Pvt. Ltd. (TPTPL) and its director Abhay Lodha.
The attached property is located at Savardari village in Khed taluka of Pune and is held in the name of Abhay Lodha, the ED said on Thursday. The action was taken under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The case stems from an FIR registered by the CBI’s Bank Securities and Fraud Cell in Mumbai against Topworth Pipes and Tubes Pvt. Ltd., Abhay Lodha and others under various sections of the Indian Penal Code and the Prevention of Corruption Act.
According to the ED, the company fraudulently discounted 24 bills under 11 Letters of Credit (LCs) through the State Bank of India. The agency said the bills were later rejected by the LC issuing banks and companies, which resulted in a wrongful loss of ₹56.81 crore to the bank.
The investigation found that the company allegedly secured funds by discounting LCs without actual supply of goods. The ED alleged that forged invoices, fake lorry receipts and fabricated documents were submitted to banks to obtain the money.
The agency said that in most of these LC transactions, the goods were either not supplied at all or supplied only partially, while the company allegedly received the full payment amount.
The ED has accused Abhay Narendra Lodha, described as the key promoter and decision-maker of the Topworth Group, of controlling the company’s financial operations and directing the preparation of forged documents as well as the routing of funds.
Investigators also found that the money allegedly obtained through the fraudulent LC discounting was not used for genuine business purposes. Instead, it was allegedly diverted to repay old liabilities and routed through multiple group and shell entities to layer the proceeds of crime.
The agency said it had earlier attached assets worth around ₹15.60 crore in the same case and had already filed a Prosecution Complaint before the Special Court (PMLA), Mumbai.
With the latest attachment order dated March 26, 2026, the total value of assets attached in the case has risen to ₹38.11 crore, the ED said. These assets allegedly belong to Abhay Lodha and entities beneficially owned and controlled by him.
The ED said further investigation in the case is continuing.
ED Mumbai Enforcement Directorate Topworth Pipes And Tubes Pvt Ltd TPTPL Fraud Case Abhay Lodha Pune Land Attachment Khed Taluka Pune
Recommended Posts
Latest
The News Feed
Most Visited Stories
