New Delhi: The Enforcement Directorate (ED) carried out searches at various premises of Delhi based company Shree Bankey Bihari Exports Limited (SBBEL) and its promoters Amar Chand Gupta, Ram Laal Gupta, Raj Kumar Gupta and other family members in connection with alleged bank fraud case worth Rs 605 crore.
The case against them, the ED said in a statement, is being probed under various sections of the Prevention of Money Laundering Act (PMLA) and involves “siphoning and diversion” of loan funds amounting to Rs 605 crore.
The agency filed the case after studying a CBI FIR against the accused company and promoters.
The probe found that “SBBEL had diverted the loan funds through its sister units and also by employing the modus operandi of showing bogus and fictitious sale/purchase transactions.”
A senior official said that during searches, various incriminating documents, laptops, mobile phones and digital storage devices indicating number of entities controlled by them to facilitate money laundering have been found.
The official said that besides the Rs 605 crore loan siphoning case, the financial probe agency is also probing money laundering on the basis of two other FIRs registered by the CBI against two other group companies for bank fraud of Rs 100 crore each.
