Mumbai: The Enforcement Directorate (ED) has provisionally attached immovable and movable assets worth Rs 81.88 crore under the Prevention of Money Laundering Act (PMLA), 2002, in connection with an alleged bank fraud case involving the Vindhyavasini Group of Companies. The case pertains to a Rs 764.44 crore loan fraud against the State Bank of India (SBI).
The attached assets belong to group promoters Vijay Rajendraprasad Gupta, Ajay R. Rajendraprasad Gupta, and their associates. Vijay Rajendraprasad Gupta was arrested by the ED on March 26 under Section 19 of the PMLA. He remains in judicial custody.
The action was taken under the Prevention of Money Laundering Act (PMLA), 2002, by the Mumbai Zonal Office-II of the ED. The case is based on FIRs registered by the Central Bureau of Investigation (CBI), Economic Offences Wing (EOW), Mumbai, under various sections of the Indian Penal Code (IPC), 1860 and the Prevention of Corruption Act, 1988.
According to the CBI probe, the Gupta brothers, in collusion with bank officials, a chartered accountant, loan consultants, and other accomplices, secured various loans and credit facilities from SBI using forged and fabricated documents in the name of multiple group entities. The funds were allegedly diverted for personal enrichment and other unauthorized purposes, causing a substantial loss to the public sector bank.
The ED’s investigation revealed that the Accused siphoned off the loan amounts through over 50 shell companies and withdrew more than Rs 42 crore in cash. The proceeds of crime were allegedly used to acquire several immovable assets, some in their own names, others in the names of family members and benami holders.
