The Enforcement Directorate's Bhubaneswar office provisionally attached property worth ₹24.60 crore at Pluto Plaza Mall in Rourkela on November 3, 2026, in an alleged PEC Limited loan fraud case. The PMLA investigation, originating from a CBI FIR, concerns Maa Tarini Industries Limited and Tathagat Exports Private Limited. Investigators allege financial misrepresentation and loan diversion, with outstanding liabilities reportedly reaching ₹56.89 crore, including interest. The attachment remains provisional, and the allegations have not been established in court.
Odisha ED Attaches Property Worth ₹24.60 Crore in PEC Limited Loan Fraud Case
The Enforcement Directorate has provisionally attached commercial property in Rourkela in connection with an alleged loan fraud of ₹56.89 crore involving Maa Tarini Industries Limited and PEC Limited.
The Odisha ED property attachment case has taken a major turn as the Enforcement Directorate (ED), Bhubaneswar, provisionally attached immovable property worth ₹24.60 crore on November 3, 2026.
The action has been taken under the Prevention of Money Laundering Act (PMLA), 2002, in respect of alleged fraudulent procurement and diversion of loans obtained from PEC Limited, a Government of India enterprise.
The attached property includes the ground floor, first floor, and part of the second floor of Pluto Plaza Mall at Chhend, Rourkela. The property is in the name of M/s Pluto Plaza Private Limited, which is controlled by Hanuman Khedaria.
Odisha ED Property Attachment Case Linked to PEC Limited Loan Fraud
The ED probe was triggered by an FIR filed by the Anti-Corruption Branch (CBI ACB), Bhubaneswar, of the Central Bureau of Investigation.
The FIR was registered under the Indian Penal Code, 1860, and the Prevention of Corruption Act, 1988, against the company –Maa Tarini Industries Limited (MTIL), its directors, and some officials of PEC Limited.
The ED claimed that MTIL had secured a loan of ₹19.40 crore from the bank to purchase iron ore by misrepresenting its financial position and hiding existing charges on its assets.
Another related firm, M/s Tathagat Exports Private Limited (TEPL), also received financial assistance of another ₹16 crore from PEC Limited, the agency also found.
The ED said the total outstanding liability to PEC Limited had jumped to around Rs 56.89 crore, including interest when the loans turned into non-performing assets (NPAs).
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Hanuman Khedaria and Associated Entities Received ₹15.31 Crore
The ED said that during the probe, it came to light that the money received from PEC Limited was diverted through bank accounts of MTIL and TEPL.
The funds were subsequently utilised to pay share purchase consideration to the former shareholders of MTIL, including Hanuman Khedaria, the agency said.
The probe had also found that proceeds to the tune of ₹15.31 crore have allegedly gone to Khedaria and associated entities.
The ED has calculated the value of the provisionally attached property, including the proportionate component of interest, at ₹24.60 crore.
ED Examines Financial Transactions and Diversion of Loan Funds
The agency said Khedaria and affiliated entities received the money, which was then transferred through various bank accounts before being utilised for other purposes.
These included cash withdrawals, investments and business expenses, the newspaper said, and were part of the financial transactions being examined in the money laundering investigation.
The attachment of Pluto Plaza Mall is ED’s move to provisionally attach property allegedly linked to proceeds of crime.
Further investigation will look into the financial trail, the role of the companies and individuals involved, and the alleged diversion of funds from PEC Limited.
The allegations are subject to legal proceedings, and the temporary attachment is not a final determination of guilt against the individuals or companies involved. Follow Sprouts News for more updates on the ED attachment and ongoing investigation into the alleged loan diversion.
