The Enforcement Directorate (ED), Mumbai, on Tuesday conducted searches at nine locations across Mumbai and Aurangabad while investigating suspected money laundering in a bank fraud case against M/s Spectra Industries Limited (SIL) and others.
The agency informed on Wednesday that it has frozen bank balances, fixed deposits, shares and securities worth eight crore rupees and a large number of property details.
The central agency initiated the investigation on the basis of an FIR registered by the CBI, Mumbai against Spectra Industries Limited (SIL), Jaydev Vinod Gupta, Sheela Vinod Gupta and others based on a complaint of fraud by the Bank of India. Rs 27.6 crore.
It is alleged that SIL and its directors have hatched a criminal conspiracy to cause loss to the banks and wrongfully benefit themselves by diverting loan proceeds through fraudulent transactions and circular trading. The CBI has filed a charge sheet in the case.
ED’s money laundering investigation revealed that the promoters of SIL had engaged the services of various accommodation entry providers for the purpose of depositing funds through the bank accounts of various bogus entities.
Suspicious third-party transactions were conducted to divert funds to various companies. Bogus purchases were booked against payments to various agencies providing housing entries, the agency said.
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