Electrotherm: ED Attaches ₹25.08 Cr in Bank Accounts, Shares
Electrotherm (India) Ltd has disclosed further actions by the Directorate of Enforcement (ED) under the Prevention of Money Laundering Act, 2002. The ED has issued a Provisional Attachment Order dated September 25, 2026, attaching movable properties including ₹25.08 Crore in two bank accounts of the company. Additionally, equity shares held by promoters Mr. Shailesh Bhandari and Mr. Mukesh Bhandari have been attached. This follows earlier freezing of bank accounts totaling ₹34.29 Crore for the company and ₹83.18 Lacs for Mr. Shailesh Bhandari, and the release of a seized car upon submission of a Fixed Deposit Receipt of ₹3.20 Crore. The company and Mr. Shailesh Bhandari are contesting these actions in the Gujarat High Court and the PMLA Appellate Tribunal. The company is seeking legal advice for further action.
Key Highlights
- ED attaches ₹25.08 Cr in company bank accounts and promoter shares.
- Previous freezing actions involved ₹34.29 Cr in company accounts.
- Company and promoter are challenging ED's actions legally.
- Legal advice is being sought for necessary actions.
- This is an update on ongoing proceedings related to a money laundering investigation.
Price Impact
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