ED attaches Rs 24.60 crore Rourkela mall property in PEC Limited loan case
The Enforcement Directorate has provisionally attached three floors of a Rourkela mall worth Rs 24.60 crore, alleging that loans from PEC Limited were diverted by Maa Tarini Industries.
Key points
- The ED's Bhubaneswar office provisionally attached property worth Rs 24.60 crore under the PMLA in the Maa Tarini Industries case.
- The ED alleges loan money from PEC Limited, a Government of India enterprise, was diverted; dues stood at about Rs 56.89 crore.
- The attachment is provisional and must be confirmed by the PMLA Adjudicating Authority; the ED says investigation continues.
The Enforcement Directorate (ED) has provisionally attached immovable property worth Rs 24.60 crore in a money laundering case involving Maa Tarini Industries Limited (MTIL) and others, according to a press release dated 3 November 2026. The property is the ground floor, first floor and part of the second floor of Pluto Plaza Mall at Chhend, Rourkela, Odisha, held in the name of Pluto Plaza Private Limited.
What Happened
The ED's Bhubaneswar Zonal Office acted under the Prevention of Money Laundering Act (PMLA), 2002. Its investigation began from an FIR registered by the CBI's Anti-Corruption Branch in Bhubaneswar under the Indian Penal Code and the Prevention of Corruption Act against MTIL, its directors and officials of PEC Limited, a Government of India enterprise.
According to the FIR, MTIL, in connivance with certain PEC officials, fraudulently obtained financial assistance of Rs 19.40 crore for buying iron ore by misrepresenting its financial position and hiding existing charges on its assets. A related company, Tathagat Exports Private Limited, had also taken Rs 16 crore from PEC. The ED said the total outstanding dues to PEC were about Rs 56.89 crore, including interest, when the loan became a non-performing asset.
The ED alleges that the PEC money was diverted through the bank accounts of MTIL and Tathagat Exports and used to pay former shareholders of MTIL for their shares. According to the ED, one former shareholder and his associated entities received about Rs 15.31 crore, which with proportionate interest comes to Rs 24.60 crore, and the money was then routed through several accounts for cash withdrawals, investments and business expenses. The mall property of Pluto Plaza Private Limited, which the ED says this person controls, was attached as value equivalent to the alleged proceeds of crime.
What It Means
A provisional attachment stops the owner from selling or transferring the property for now. It is not a final order: it must be confirmed by the PMLA Adjudicating Authority, and the owner can contest it. The case concerns money lent by a public-sector enterprise, and the ED says further investigation is under way.
These are allegations, not findings of guilt; the accused are presumed innocent until proven guilty in court, and due process continues.
This report describes enforcement actions and allegations on the public record, attributed to the officials cited. An order, FIR or chargesheet is not a conviction; parties are presumed innocent until proven guilty.
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Sources & Citations
- Enforcement Directorate press release — Enforcement Directorate