ED Attaches Properties Worth Rs 1.09 Crore in Massive Fraud Case Involving Dhaval Solani and Credit bulls Investments
(Judicial Quest News Network)
The Directorate of Enforcement (ED), Ahmedabad Zonal Office, has provisionally attached immovable and movable properties worth Rs 1.09 crore on February 28, 2025, as part of an ongoing investigation into M/s Credit bulls Investments. The assets, linked to the company’s controlling person, Dhaval Solani, and his family, have been seized under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The probe stems from multiple FIRs filed by Gujarat and Tamil Nadu Police in Jamnagar, Rajkot, and Chennai, accusing M/s Credit bulls Investments, Solani, and others of defrauding the public by promising high monthly returns. Initially, the proceeds of crime (POC) in the case were quantified at Rs 8.93 crore, but further investigation has revealed the amount has escalated to Rs 23 crore. As investigations continue, authorities suspect the total figure may rise, as the fraudulent scheme affected investors nationwide, spanning Gujarat, Tamil Nadu, Delhi, and other regions, marking it as a pan-India scam.
Earlier, the ED conducted raids across multiple premises tied to Solani and his associates, resulting in the seizure of incriminating documents, vehicles, and nearly Rs 50 lakh in a Demat account. The investigation also uncovered that funds collected from the public were misused for personal gains and illegally siphoned abroad.
The investigation is ongoing, with authorities working to unravel the full extent of the scam.
