Delhi: The Enforcement Directorate (ED) on Monday filed a chargesheet against seven accused in a case related to bank loan fraud, wherein the total NPA declared by the Bank of India was at Rs 91.50 crore.
The chargesheet was filed before before Principal Sessions Judge, Jammu, against three individuals – Raj Kumar Gupta, Radhika Mahajan and Rajat Mahajan; and four entities – Jhelum Industries, Jhelum Infra Projects India Private Limited, I.D Sood Ispat Private Limited and New Jammu Flour Mills Private Limited.
The ED initiated a money laundering investigation on the basis of four FIRs registered by the Central Bureau of Investigation (CBI).
“Investigation by ED revealed the commission of fraud, cheating, forgery, diversion and siphoning of funds and loans meant and allotted for business activity to company Jhelum Infra Projects Private Limited, I. D Sood Ispat Private Limited, New Jammu Flour Mills Private Limited and Jhelum Industries (Partnership Firm), all concerns related to or part of Raj Kumar Gupta Group,” the ED said in the statement.
However, loans were not used for the intended purposes and were defaulted.
“Accused Gupta along with his family members has floated numerous concerns in the name of his family members and in the name of his employees to divert and siphon off the cash credit loan obtained in the name of the above-mentioned entities,” the ED added.
Earlier, properties worth Rs 20.21 crore of the accused were attached by the ED.
Further investigation in this case is on.
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