Ahmedabad: The Enforcement Directorate (ED) has intensified its crackdown on corruption in Gujarat by provisionally attaching assets worth ₹4.92 crore belonging to Dhirubhai Bababhai Sharma, former Field Supervisor of the Gujarat Land Development Corporation (GLDC), Anand. The action has been taken under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, officials said on Thursday.
This marks the second major ED action in Gujarat in recent days. Earlier, the agency had conducted raids and arrested the former Collector of Surendranagar district in a separate case.
Properties Attached Across Gujarat
According to details shared by the ED’s Gandhinagar Zonal Office, the attached assets include a commercial shop, a residential house, agricultural land, and the Jalasray Resort located in Nadiad, Gujarat. The agency stated that these properties were acquired using proceeds of crime generated through alleged corruption and financial manipulation.
Disproportionate Assets Case
The ED initiated its investigation based on an FIR registered by the Anand ACB Police Station under the Prevention of Corruption Act. Sharma is accused of amassing disproportionate assets worth ₹8.04 crore, which is 354.56% higher than his known sources of income, during the period from April 1, 2006, to March 31, 2018.
Classic Money Laundering Pattern Detected
During the probe, the ED uncovered what it described as a classic money laundering pattern. Sharma, along with his family members and their company, M/s Jalasray Resort Private Limited, allegedly availed secured and unsecured loans. Investigators found that loan repayments were largely made through large cash deposits into multiple bank accounts, instead of conventional banking channels.
These cash deposits were then swiftly transferred to Krishna Finance towards loan repayments, a method allegedly used to integrate illicit funds into the formal financial system and conceal their true origin.
Complex Financial Routing and Fund Manipulation
The ED further revealed that several payments were routed through multiple accounts, making the financial trail deliberately complex. The resort company was incorporated on February 1, 2012, on 52 gunthas of land purchased in 2007 for ₹5.40 lakh in the names of Sharma’s wife and son.
The resort initially received a secured loan of ₹5.50 crore, followed by an additional ₹7.85 crore loan in 2018. Between 2015 and 2020, Sharma and his family also availed ₹1.19 crore in unsecured loans for the project.
Insurance Policies and Cash Transactions Under Scanner
Investigators also found that Sharma held LIC and Max Life insurance policies in his and his family members’ names. Premiums were allegedly paid in cash, and the maturity proceeds were later credited to his personal savings account, raising further suspicion of money laundering.
The ED stated that part of the resort’s funding also came from M/s Preya Services, a firm in which Sharma’s daughter-in-law reportedly holds a 50% stake.
Investigation Ongoing
The Enforcement Directorate clarified that the investigation is still ongoing and further action may follow based on additional evidence. The latest development underscores the agency’s continued focus on unearthing corruption-linked money laundering networks within government departments in Gujarat.
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