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The Enforcement Directorate (ED) on Tuesday carried out search operations at around 10 locations in Delhi and Pune in connection with a ₹425 crore bank fraud case. The raids are being conducted by the agency's Delhi Zone-I unit.
The case pertains to M/s Gupta Exim India Pvt. Ltd. (GEIPL).
Sources said investigators were seizing crucial documents and electronic evidence during the searches.
The case was initially registered by the CBI on a complaint from Punjab National Bank (formerly Oriental Bank of Commerce). Acting on the CBI's FIR, the ED launched its probe under the Prevention of Money Laundering Act (PMLA).
Investigations have revealed that the company's promoters and directors siphoned off loan funds worth about ₹425 crore. A
significant portion of the borrowed money was allegedly diverted to shell or affiliate firms that were either inactive or engaged in businesses unrelated to GEIPL.
The premises under raid are linked to the promoters of the company and their associates, officials said.
The case pertains to M/s Gupta Exim India Pvt. Ltd. (GEIPL).
Sources said investigators were seizing crucial documents and electronic evidence during the searches.
The case was initially registered by the CBI on a complaint from Punjab National Bank (formerly Oriental Bank of Commerce). Acting on the CBI's FIR, the ED launched its probe under the Prevention of Money Laundering Act (PMLA).
Investigations have revealed that the company's promoters and directors siphoned off loan funds worth about ₹425 crore. A
The premises under raid are linked to the promoters of the company and their associates, officials said.
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