New Delhi, Sep 3 (UNI) The Enforcement Directorate (ED) has carried out search operations at multiple locations in Delhi-NCR and Pune, Maharashtra, in connection with an alleged Rs 425 crore bank fraud case involving Gupta Exim India Private Ltd. (GEIPL).
The search operations were carried out at the locations of the persons/entities closely associated with the Promoters/Directors of GEIPL, during the fraud period, as well as key management personnel of the company, who have assisted GEIPL and its promoters/directors in siphoning off the loans by way of diversion and misappropriation of loan funds.
The ED initiated a PMLA investigation based on an FIR lodged by the CBI on the request of the PNB against GEIPL. The PNB alleged that the company, through its Promoters and Directors, siphoned off the loan/funds extended by the Punjab National Bank (earlier e-OBC Bank) to the tune of about Rs. 425 Crore.
“During the investigation, it was uncovered that substantial sums of money were illicitly siphoned off or transferred from the company accounts of M/s GEIPL to its related persons and entities.
“The investigation revealed that these financial transactions between M/s GEIPL and its related entities were carried out with the intent to artificially inflate the company’s books of accounts to secure increased funding from banks. Furthermore, it was found that a portion of the bank loans obtained by M/s GEIPL was misappropriated and diverted into the personal accounts of its promoters,” said the official.
The search operations resulted in the freezing of bank accounts, mutual funds, shares worth Rs. 1.63 crore and the seizure of Indian currency worth Rs 15 Lakh, including various incriminating documents.
Further investigation into the matter is on.
