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ED probes Rs 425 crore fraud. Ten locations searched. Gupta Exim India in focus.

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ED Intensifies Probe Into Rs 425 Crore Bank Loan Fraud

ED intensifies an investigation into Rs 425 crore bank loan fraud involving Gupta Exim India. The probe covers ten locations across Delhi and Maharashtra, linked to diverted funds from Punjab National Bank, under the Prevention of Money Laundering Act.

ED Intensifies Probe Into Rs 425 Crore Bank Loan Fraud

New Delhi, Sep 2 (PTI) The Enforcement Directorate (ED) intensified its money laundering investigation on Tuesday, executing searches in both Delhi and Maharashtra amid allegations of a substantial bank loan fraud valued at Rs 425 crore, according to official sources. The probe targeted ten locations, with nine situated in Delhi and one in Pune, focusing on a corporation known as Gupta Exim India Private Ltd. (GEIPL). The ongoing ED investigation under the Prevention of Money Laundering Act (PMLA) has its roots in a CBI FIR lodged against the firm, its promoters, and directors. They stand accused of misappropriating loan funds provided by the Punjab National Bank (formerly e-OBC Bank), totaling approximately Rs 425 crore. Sources reveal that the accused company allegedly "diverted" these funds to various affiliated entities.

(Only the headline of this report may have been reworked by Editorji; the rest of the content is auto-generated from a syndicated feed.)

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