The Enforcement Directorate (ED) recently conducted searches in Delhi and Maharashtra as part of a money laundering investigation related to an alleged Rs 425 crore bank loan fraud. The searches were carried out at 10 premises, with 9 located in Delhi and 1 in Pune. This action is part of an ongoing investigation against Gupta Exim India Private (GEIPL), a company accused of siphoning off loan funds extended by Punjab National Bank (previously Oriental Bank of Commerce).
The case originated from a First Information Report (FIR) filed by the Central Bureau of Investigation (CBI) against GEIPL, its promoters, and directors. According to officials, the company allegedly diverted approximately Rs 425 crore in loan funds to various related entities. The ED has registered a case under the Prevention of Money Laundering Act (PMLA) and is currently examining the trail of funds and transactions linked to the accused company.
The investigation aims to uncover the extent of the alleged fraud and to identify those responsible for the misappropriation of funds. The ED’s searches are expected to provide valuable insights into the financial transactions and dealings of GEIPL, which will help investigators to build a stronger case against the accused. The agency’s actions demonstrate its commitment to combating financial crimes and ensuring that those who engage in such activities are held accountable.
The alleged bank loan fraud involving GEIPL is a significant case, with the amount involved totaling Rs 425 crore. The fact that the loan funds were allegedly diverted to related entities suggests a complex web of financial transactions, which investigators will need to untangle to understand the full extent of the fraud. The ED’s investigation is ongoing, and it is likely that further developments will emerge as the agency continues to gather evidence and build its case against GEIPL and its accused promoters and directors.