Electrotherm India ED Files PMLA Complaint

Directorate of Enforcement (ED), Zonal Office, Ahmedabad has filed a complaint under Section 44(1)(b) read with Section 45(1) of Prevention of Money Laundering Act, 2002 (PMLA) before the Hon'ble Special Court for PMLA Cases at Ahmedabad.
The complaint has been filed against Electrotherm (India) Limited, Mr. Shailesh Bhandari (Promoter & Executive Vice Chairman), and Mr. Mukesh Bhandari (Promoter & Ex-Chairman).
The Hon'ble Court provided copies of the complaint to the Company and Mr. Shailesh Bhandari on 03rd August, 2026, following notices issued under Section 223 of the Bharatiya Nagarik Suraksha Sanhita 2023 (BNSS) for hearing on cognizance.

This disclosure follows previous communications dated 17th January 2025, 31st January 2025, 18th June 2025, and 5th February 2026 regarding:

Search conducted by ED related to a complaint by Bank of India
Freezing of bank accounts of the Company and Mr. Shailesh Bhandari
Permission to operate bank accounts as per orders passed by Hon'ble Gujarat High Court
Release of seized car on submission of Fixed Deposit Receipt (FDR) in favour of ED

The Company and Mr. Shailesh Bhandari have challenged the freezing of bank accounts before Hon'ble Gujarat High Court / Hon'ble PMLA Appellate Tribunal, New Delhi
They have also sought quashing of Enforcement Case Information Report (ECIR) registered by ED before Hon'ble Gujarat High Court
All these matters are pending for further hearings