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Money Laundering Case: ED Arrests Four People In Bank Fraud

Money Laundering Case: ED arrests four people in a money laundering case, there is a case of bank fraud of 605 crores.

The Enforcement Directorate (ED) on Tuesday said that it has recently arrested four persons in connection with a Rs 605 crore bank fraud case by a firm named Shree Banke Bihari Exports Ltd.

The accused have been identified as Amar Chand Gupta, Ram Lal Gupta, Rajkumar Gupta (director of Shree Banke Bihari Exports Limited (SBBEL), and Sanjay Kansal, nephew and employee of Amar Chand Gupta.

ED starts investigation on CBI FIR.

The ED had initiated a money laundering probe against SBBEL, its directors, and other unidentified public servants on the basis of an FIR registered by the Central Bureau of Investigation (CBI).

The ED  has alleged that the directors of SBBEL were in a conspiracy with each other and Others have committed misappropriation of bank funds, criminal breach of trust, manipulation of books of accounts through bogus entities, and associates of SBBEL, and transfer of funds through shell entities.

He withdrew money from the accounts of the company for his personal gain, causing a loss of Rs 605 crore to the public sector banks.

Fake sale purchase transactions are shown.

ED came to know during the investigation that a web of shell entities was created by the directors, and employees of SBBEL in the name of different persons, through which fraudulent sale-purchase transactions were shown to enhance the fictitious financials of SBBEL.

An ED official said, “Under the guise of these fake sale-purchase transactions, the funds of the banks were diverted to the bank accounts of the associate companies of SBBEL, and crores of rupees were withdrawn in cash.”

The bank funds sanctioned to SBBEL were transferred to the personal bank accounts of the directors of SBBEL through their personal ownership concerns in the guise of non-actual sale, purchase transactions, and total share capital of Rs 191 crores held by them in SBBEL as invested.

The bank funds, which were introduced and used as share capital in MSBBEL, were diverted through various entities under their control, to create immovable assets worth over Rs 100 crore.

ED gets remand

Ram Lal, Rajkumar, and Sanjay Kansal were arrested on 18 August and produced before the Special Judge (PC Act), CBI, Rouse Avenue Court.

The court has remanded the ED for 7 days. At the same time, Amar Chand was arrested and produced before the Special Judge, CBI, Rouse Avenue Court on August 20, from where the court sent him to ED’s remand for 5 days.

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