ED raids bizman’s properties in connection with ‘money laundering activities’

According to sources, the ED officials seized several crucial documents during the raid, which are now under scrutiny as part of their ongoing investigation. However, no official statement has been released by the agency regarding the findings or the nature of the case.

The premises remained sealed throughout the day, with no one allowed to enter or exit during the search operation.

Singla, a well-known businessman in Chandigarh, runs GTL Group, which is engaged in multiple business ventures. While his name had surfaced in the infamous railway bribery case in the past, ED officials have reportedly indicated that Wednesday’s action pertains solely to financial transactions and complaints linked to suspected money laundering.

According to sources, a loan was taken by the GTL Infrastructure Limited company from a consortium of banks headed by IDBI Bank between 2009 and 2012. The forensic audit of the firm revealed that the firm had paid an advance amount of more than Rs 1,142 crore to the vendors for the purchase of material, but the audit revealed that the material purchased was much less than the payment made to the vendors and the amount paid was many times more.

It is alleged that the company made most of the loan taken from the consortium of 24 banks disappear by conspiring with some vendors and bank employees.

In 2022, the matter reached the CBI and in January 2023, the CBI registered a case against the directors of GTL Infra Company, unknown bank officials and others under various sections, including fraud for embezzling loan amount of Rs 4,760 crore from 24 different banks.

In this case, many people, including former railway minister’s nephew Vijay Singla, were named. But after this, the ED also started investigation by registering a case against the company directors and others under the Prevention of Money Laundering Act, 2002.