The Enforcement Directorate conducted searches at seven locations here today in connection with bank fraud case against an industrialist Raj Kumar Gupta of Gandhi Nagar and others and seized important documents.
Seven locations which were searched today include Jhelum Industries at Industrial Growth Centre Samba, New Jammu Flour Mills at Kartholi Sarore in Bari Brahmana, Sanjay Gupta CA VK Suri and Company at Dry Fruit Mandi, Jewel Chowk, Shree Guru Kripa Alloys at SIDCO Industrial Complex Bari Brahmana, Narbada Steels at SIDCO Industrial Complex Bari Brahmana, Jammu Casting Private Limited at Samrat Complex, Thangar Bye-Pass and residence of the industrialist Raj Kumar Gupta at B/C Gandhi Nagar.
The raids were conducted under the supervision of Umair Mir, Deputy Director, Enforcement Directorate Jammu.
“Incriminating documents pertaining to various companies floated by Raj Kumar Gupta to divert cash credit loans were recovered during the searches,’’ official sources told the Excelsior.
They said property details of various companies related to Gupta were also found during the searches.
Gupta had purchased vehicles from cash credit loan, the details of which were gathered by the sleuths of Enforcement Directorate for further attachment under Prevention of Money Laundering Act, 2002.
During searches, the Enforcement Directorate has unearthed huge payments related to various concerns which will further strengthen the investigations.
Gupta had secured Rs 35 crore cash credit on the name of M/s Jhelum Infra Projects India Private Limited and the outstanding has reached Rs 36.5 crore.
He had obtained Rs 16 crore on the name of M/s ID Sood Ispat Private Limited and the outstanding has reached Rs 17.68 crore. He had secured Rs 32.50 crore on the name of M/s Jhelum Industries and the outstanding stood at Rs 33.83 crore.
All three loans have turned into Non Performing Assets (NPAs), sources said.
The loan of Jhelum Infra Projects India Private Limited had become NPA on December 30, 2014 while that of M/s ID Sood Ispat Private Limited became NPA on March 31, 2015.
The loan of M/s Jhelum Industries became NPA on December 30, 2014.
The loans had been secured from the Bank of India.
“The case pertained to the commission of fraud, cheating, forgery, diversion and siphoning of funds meant and allotted for business activity to the three companies, all of which are concerns of Raj Kumar Gupta known with the name of RKG Group,” sources said.(DE )
