New Delhi, Feb 24 : Enforcement Directorate (ED) on Wednesday said that it had conducted raids on February 22, at various premises of Amar Chand Gupta, Ram Laal Gupta, Raj Kumar Gupta and other family members in an ongoing investigation under PMLA involving siphoning and diversion of loan funds amounting to Rs 605 Crore by Shree Bankey Bihari Exports Limited (SBBEL).
During these 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 officials in ED said.
The Central financial probe agency had initiated investigation under PMLA on the basis of FIR registered by CBI against SBBEL, its Directors Amar Chand Gupta and others and other unknown public servants and persons for fraud of Rs 605 Crore under Prevention of Money Laundering Act (PMLA).
During investigation, it was revealed that the company SBBEL had diverted the loan funds through its sister units by showing bogus and fictitious sale and purchase transactions and the primary security had also been disposed by it without depositing the sale proceeds in the loan account.
It was also gathered that the books of accounts had been secreted in various premises wherein business was being carried out by these persons namely Amar Chand Gupta, Ram Laal Gupta and Raj Kumar Gupta in the name of other family members, the officials further said, adding that in order to uncover the trail of proceeds of crime and to recover documentary and electronic evidences, searches at residential and business premises of the directors and the entities being run by them along with residence of one key employee were conducted.
ED is also conducting investigations under PMLA on the basis of two other FIRs registered by CBI against two other group companies for bank fraud of Rs 100 Crore each. Thus, the total amount of ‘Proceeds of Crime’ involved in these cases is Rs 805 Crore by these persons, the probe agency said, adding that that the further investigation in this case has been under progress.