The premises of Amar Chand Gupta, Ram Laal Gupta, Raj Kumar Gupta and other family members have been searched by the agency’s Delhi zonal unit. The money laundering probe is based on an FIR registered by the Central Bureau of Investigation against SBBEL and its directors. According to the ED, SBBEL diverted the loan funds through its sister units and also by employing the modus operandi of showing bogus and fictitious sale/purchase transactions. “The primary security had also been disposed of by it without depositing the sale proceeds in the loan account,” it said. “During the searches, various incriminating documents, laptops, mobile phones and digital storage devices, indicating a number of entities controlled by them to facilitate money laundering, have been found,” said the ED.

Source: The Hindu February 24, 2021 20:05 UTC