ED, Lucknow has provisionally attached assets worth Rs. 50 Lakh in the form of fixed deposits belonging to M/s Consultshah Financial Services Pvt. Ltd. in M/s Uttar Pradesh State Construction and Infrastructure Development Corporation (UPSCIDC) Ltd. and HDFC Bank Fraud Case under the provisions of PMLA, 2002

The Directorate of Enforcement (ED), Lucknow Zonal office has provisionally attached assets worth Rs. 50 Lakh in the form of fixed deposits belonging to M/s Consultshah Financial Services Pvt. Ltd. as part of an investigation into HDFC Bank Fraud Case under the Prevention of Money Laundering Act (PMLA), 2002. The attached assets are linked to fraudulent transactions involving the bank account of Uttar Pradesh State Construction and Infrastructure Development Corporation Ltd. (UPSCIDC). ED initiated an investigation following an FIR registered by UP Police at Gazipur Police Station, Lucknow, over unauthorized withdrawals from UPSCIDC's account held with HDFC Bank.

The chargesheet filed against Abhay Shukla, the then Relationship Manager at HDFC Bank, and Akhtar Hussain Khan, proprietor of M/s A. R. Associates, revealed that fraudulent RTGS instructions and manipulation of customer details were used to siphon off Rs. 3.81 Crore from UPSCIDC's account into two accounts of M/s A.R. Associates. Out of this amount, Rs. 2.98 Crore was dissipated through withdrawal in cash in multiple tranches on successive days.

The ED investigation identified the siphoned funds as Proceeds of Crime (POC) and carried out the attachment to prevent further dissipation of assets. Further investigation is ongoing. The attached assets are part of a larger probe into fraudulent transactions linked to the bank account of UPSCIDC, with ED continuing its investigation into the matter.