Law Notify, January 14, 2026 : The Mumbai zonal office of the Enforcement Directorate on Wednesday attached movable and immovable assets worth Rs 35.22 crore in a money laundering case linked to the Suumaya Group and its promoters.
According to the agency, the attached properties include bank balances, demat accounts, mutual fund investments, and two immovable properties. The action was taken under the Prevention of Money Laundering Act following an FIR registered by the Worli Police Station.
The case involves Suumaya Industries Ltd and its promoters, who are accused of conspiring to siphon off around Rs 137 crore. The alleged fraud was carried out by falsely promising benefits under a future “Need to Feed” programme.
The ED said its investigation revealed that the Suumaya Group fabricated a fake Haryana government contract under the so-called programme to raise funds and obtain trade financing. These funds were then shown as proceeds from business operations that, according to the agency, never actually took place.
Investigators found that money received by Suumaya group entities was diverted by promoter Ushik Gala to dummy agro trader firms in Delhi and Haryana through an intermediary. These transactions were falsely shown as genuine agricultural procurement, although no real purchases occurred.
The diverted funds were later routed back to Gala through a mix of cash transactions and RTGS transfers from shell entities. The ED also alleged that the group generated fake invoices and lorry receipts to create the appearance of large-scale trading activity.
As per the agency, this resulted in circular transactions amounting to nearly Rs 5,000 crore, of which only about 10 percent were genuine. These inflated transactions led to Suumaya’s reported turnover jumping sharply from Rs 210 crore to about Rs 6,700 crore within two years. The surge allegedly boosted the company’s share price and misled investors about the true financial position of its listed entities.
Earlier, the ED had conducted searches at 19 locations across Mumbai, Delhi, and Gurugram, during which movable assets worth Rs 3.9 crore were seized along with financial, digital, and documentary evidence linked to fund diversion and money laundering.
During the course of the probe, the agency arrested Ushik Gala in connection with the case. Further investigation is ongoing.
