New Delhi: The Enforcement Directorate (ED) on Wednesday said it has raided a Delhi-based company and is probing two other entities in connection with a money laundering case linked to alleged bank loan frauds of over Rs 800 crore.
It said the agency searched various premises of a firm, Shree Bankey Bihari Exports Ltd (SBBEL), and its promoters Amar Chand Gupta, Ram Laal Gupta, Raj Kumar Gupta and their family members on February 22.
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.
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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."