New Delhi (The Hawk): In a case involving bank loan fraud, where the total NPA reported by the Bank of India was Rs 91.50 crore, the Enforcement Directorate (ED) filed a chargesheet against seven defendants on Monday.
Three people—Raj Kumar Gupta, Radhika Mahajan, and Rajat Mahajan—as well as four organizations—Jhelum Industries, Jhelum Infra Projects India Private Limited, I.D Sood Ispat Private Limited, and New Jammu Flour Mills Private Limited—were named in the chargesheet presented to the Jammu Principal Sessions Judge.
On the basis of four FIRs filed by the Central Bureau of Probe, the ED launched a money laundering investigation (CBI).
The ED released a statement in which it claimed that investigations "revealed the commission of fraud, cheating, forgery, diversion and syphoning 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."
But loans went into default since they weren't used as expected.
The ED said, "Accused Gupta, together with members of his family, have floated multiple businesses in the name of his family members and in the name of his employees to divert and syphon off the cash credit loan acquired in the name of the aforementioned entities.
Earlier, the ED had attached the accused's properties, valued at Rs 20.21 crore.
In this case, additional inquiry is ongoing.
(Inputs from Agencies)