The Enforcement Directorate (ED) on Wednesday said it has conducted searches in a money laundering case at various premises of accused Amar Chand Gupta, Ram Laal Gupta, Raj Kumar Gupta and other family members allegedly involved in siphoning and diversion of loan funds amounting to Rs 605 crore by Shree Bankey Bihari Exports Limited (SBBEL).
The ED had initiated investigation under Prevention of Money Laundering Act (PMLA) on the basis of an FIR registered by CBI against SBBEL, its Directors Amar Chand Gupta and others and other unknown public servants/persons for a fraud of Rs 605 crore.
“During investigation, it was gathered 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 without depositing the sale proceeds in the loan account,” the ED said in a statement.
It was also gathered that the books of accounts had been secreted in various premises wherein business was being carried out by these accused persons Amar Chand Gupta, Ram Laal Gupta and Raj Kumar Gupta in the name of other family members. In order to uncover the trail of proceeds of crime and to recover documentary and electronic evidence, 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, it said.