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ED attaches J&K industrialist’s assets in bank fraud case

ED Enforcement Directorate on Thursday conducted multiple


Directorate of Enforcement (ED), has provisionally attached assets worth ₹ 20.25 crores in the form of immovable properties in possession of one of the accused Raj Kumar Gupta, an industrialist in Jammu and Kashmir in Bank of India loan case.

The case involves siphoning off of funds to the tune of ₹ 91.63 crores, through companies/firm namely Jhelum Infra Projects India Private Limited – ₹ 39.70 crore, M/s Jhelum Industries – ₹ 33.83 crores and I. D SoodIspat Private Limited- ₹ 18.10 crores.

 

“The loan accounts were classified as non-performing assets (NPA) on December 31, 2014,” stated the press release by ED on Thursday.

ED initiated an investigation on the basis of FIRs registered by Central Bureau of Investigation, Jammu under section 120-B read with section 420 and 409 of Ranbir Penal Code, 1989 (pari-materia sections under IPC).

The investigation so far has revealed that huge amount of cash of ₹ 20.87 crore was withdrawn from the loan accounts and accounts of various sister concerns.

Further, funds to the tune of ₹ 18.47 crores were siphoned off through accounts owned and controlled by Raj Kumar Gupta and his family members and through bogus accounts in the name of his employees opened specifically for the purpose of siphoning off of funds of loan accounts. The remaining funds were utilised for making payments to different individuals for a non-business purpose.

Further investigation, in this case, is under progress. (ANI)