The Enforcement Directorate (ED) has provisionally attached immovable properties worth Rs 13 crore belonging to the directors of M/s Spectra Industries Limited (SIL) and others under the Prevention of Money Laundering Act (PMLA), 2002 on 20th february. The attached properties include Residential flats and commercial offices situated in Mumbai.
The central agency initiated investigation on the basis of 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 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.
According to the ED, the promoters of Spectra Industries Ltd. engaged in money laundering by using multiple bogus entities to layer and divert funds. They allegedly routed transactions through accommodation entry providers, disguising payments as third-party transactions to funnel funds into various companies. Bogus purchases were also booked against these fraudulent transactions.
During an earlier search operation, the ED froze bank balances, fixed deposits, equity shares, and securities worth Rs 8 crore. Investigators also recovered several property deeds linked to the accused.
