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."
"The primary security had also been disposed by it without depositing the sale proceeds in the loan account," the ED alleged.
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It was also found, the agency claimed, that the books of accounts had been secreted in various premises wherein business was being carried out by three promoters "in the name of other family members."
The ED claimed that during the searches "incriminating documents, laptops, mobile phones and digital storage devices indicating number of entities controlled by them to facilitate money laundering have been found."
The agency said it is also probing two other unidentified 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," it said.
PTI
