The Enforcement Directorate (ED) on Tuesday carried out searches in Delhi and Maharashtra in connection with a money laundering probe linked to an alleged Rs 425 crore bank loan fraud, as per a report by PTI.
According to PTI citing officials said the agency searched a total of 10 premises — nine in Delhi and one in Pune. The action is part of an investigation against Gupta Exim India Private (GEIPL).
Case linked to PNB loan
The probe is based on a CBI FIR filed earlier against the company, its promoters and directors. They are accused of siphoning off loan funds extended by Punjab National Bank (earlier Oriental Bank of Commerce).
According to PTI citing officials, the loan funds amounting to about Rs 425 crore were “diverted” to various related entities of the company.
The ED registered the case under the Prevention of Money Laundering Act (PMLA). Investigators are examining the trail of funds and transactions linked to the accused company.