ED searches 9 places in Mumbai and Aurangabad in bank fraud case
The agency has frozen bank balance, fixed deposits, equity shares and securities worth Rs 8 crore and a large number of property deeds, the agency informed on Wednesday.
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Suspicious third-party transactions were made to divert funds to the various companies. Bogus purchases were booked against payments made to different entities providing accommodation entries, the agency stated.
The Enforcement Directorate (ED), Mumbai on Tuesday conducted search operations at nine locations across Mumbai and Aurangabad while probing suspected money laundering in a bank fraud case against M/s Spectra Industries Limited (SIL) and others.
The agency has frozen bank balance, fixed deposits, equity shares and securities worth Rs 8 crore and a large number of property deeds, the agency informed on Wednesday.
The central agency initiated investigation on the basis of an FIR registered by CBI, Mumbai against Spectra Industries Limited (SIL), Jaidev Vinod Gupta, Sheela Vinod Gupta and others based on complaint filed by Bank of India for defrauding a consortium of banks to the tune of Rs 27.6 crore.
SIL and its directors are alleged to have hatched a criminal conspiracy to cause loss to banks and corresponding wrongful gain to themselves by diverting loan funds through fraudulent transactions and circular trading. CBI has filed the chargesheet in the case.
ED’s investigation into the money laundering revealed that the promoters of SIL took services of various accommodation entry providers for the purpose of layering funds through the bank accounts of various bogus entities.
Suspicious third-party transactions were made to divert funds to the various companies. Bogus purchases were booked against payments made to different entities providing accommodation entries, the agency stated.
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