ED conducts searches in loan fund diversion scam
[ad_1]
The cash laundering probe is predicated on FIR registered by CBI in opposition to export agency and its administrators
The Enforcement Directorate has carried out searches in reference to alleged siphoning and diversion of loan funds amounting to ₹605 crore by Shree Bankey Bihari Exports Limited (SBBEL).
The premises of Amar Chand Gupta, Ram Laal Gupta, Raj Kumar Gupta and different members of the family have been searched by the company’s Delhi zonal unit. The cash laundering probe is predicated on an FIR registered by the Central Bureau of Investigation in opposition to SBBEL and its administrators.
According to the ED, SBBEL diverted the loan funds by way of its sister items and likewise by using the modus operandi of exhibiting bogus and fictitious sale/buy transactions. “The primary security had also been disposed of by it without depositing the sale proceeds in the loan account,” it mentioned.
The books of accounts had been hidden in varied enterprise premises of the Guptas. “During the searches, various incriminating documents, laptops, mobile phones and digital storage devices, indicating a number of entities controlled by them to facilitate money laundering, have been found,” mentioned the ED.
The company is conducting investigations beneath the Prevention of Money Laundering Act on the premise of two extra FIRs instituted by the CBI in opposition to the 2 different group firms for alleged financial institution fraud of ₹100 crore every. Therefore, the whole quantity of “proceeds of crime” is ₹805 crore, it mentioned.
Dear subscriber,
Thank you!
Your help for our journalism is invaluable. It’s a help for reality and equity in journalism. It has helped us maintain apace with occasions and happenings.
The Puucho has all the time stood for journalism that’s in the general public curiosity. At this troublesome time, it turns into much more vital that we’ve entry to data that has a bearing on our well being and well-being, our lives, and livelihoods. As a subscriber, you aren’t solely a beneficiary of our work but additionally its enabler.
We additionally reiterate right here the promise that our staff of reporters, copy editors, fact-checkers, designers, and photographers will ship high quality journalism that stays away from vested curiosity and political propaganda.
[ad_2]
