Maharashtra: ED Searches 9 Places In Mumbai And Aurangabad In Bank Fraud Case, Seized Assets Worth ₹8 Crore

The Enforcement Directorate (ED), Mumbai, on Tuesday conducted search operations at nine locations across Mumbai and Aurangabad while probing the money laundering in a bank fraud case against M/s Spectra Industries Limited (SIL) and others. As a result, ED officials froze bank balance, fixed deposits and equity shares and securities worth Rs 8 crore and a large number of property deeds, the agency stated on Wednesday.

The central agency initiated investigation on the basis of FIR registered by CBI, Mumbai, against SIL, Jaidev Vinod Gupta, Sheela Vinod Gupta and others based on a complaint filed by Bank of India for defrauding a consortium of banks to the tune of Rs 27.6 crore. SIL and its directors 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 Charge sheet in the case.

ED's investigation into the money laundering involved in the bank fraud 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 ED said.