The money laundering case stems from a February 2020 FIR of the Delhi Police.
The Enforcement Directorate (ED) has arrested four Delhi-based businessmen in a money laundering investigation linked to an alleged bank loan fraud of Rs 605 crore, the agency said on Tuesday.
The case pertains to a probe against a company called Shree Bankey Behari Exports Ltd. (SBBEL) and its directors Amar Chand Gupta, Ram Lal Gupta and Raj Kumar Gupta and the nephew and employee of Amar Chand Gupta, Sanjay Kansal.
Ram Lal Gupta, Raj Kumar Gupta and Sanjay Kansal were taken into custody by the federal agency on August 18 while Amar Chand Gupta was arrested two days later on August 20. All four were sent to ED custody till August 25 by a local court, the ED said.
The money laundering case stems from a February 2020 FIR of the Delhi Police filed against the accused.
It was alleged in the police complaint that the directors, other unknown public servants in conspiracy with each other and other individuals indulged in "misappropriation" of bank funds, criminal breach of trust, manipulation of books of accounts through fictitious entities and sister concerns of SBBEL.
They routed funds through shell (bogus) entities and "siphoned" them off from the company's accounts for their personal gains causing a loss to the tune of Rs 605 crore to the public sector banks during 2010-2017.
The agency said its probe found that "bank funds sanctioned to SBBEL were transferred to personal bank accounts of the directors by routing through their individual proprietorship concerns under guise of non-genuine sale/purchase transactions and infused as share capital totalling Rs 191 crore in SBBEL by them." "The bank funds, which were projected and infused as share capital in SBBEL were then used to create fixed assets of more than Rs 100 crore by diverting, layering through various entities under their control," the ED said in a statement.
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