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ED raids SBBEL and its directors' premises in ₹805 crore PMLA case

By IndianMandarins- 25 Feb 2021
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New Delhi (25.02.2021): The Directorate of Enforcement (ED) on 22/02/2021 raided a number of premises belonging to directors of Shree Bankey Bihari Exports Limited (SBBEL) Amar Chand Gupta, Ram Laal Gupta, Raj Kumar Gupta, and their family members in a siphoning and diversion of loan funds of ₹ 605 crores.

The ED had initiated an investigation under PMLA on the basis of an FIR registered by the CBI against SBBEL, its Directors Amar Chand Gupta & others as well as unknown public servants/persons.

During the 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 of by it without depositing the sale proceeds in the loan account. It was also gathered that the books of accounts had been secreted in various premises wherein business was being carried out by Amar Chand Gupta, Ram Laal Gupta, and Raj Kumar Gupta in the name of other family members.

The raid was designed to uncover the trail of proceeds of crime and to recover documentary and electronic evidence.

The ED is also conducting investigations under PMLA on the basis of two other FIRs registered by CBI against two other group companies of SBBEL for bank fraud of ₹ 100 crores each.

Thus, the total amount of Proceeds of Crime involved in these cases is Rs. 805 crores by these persons.

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