The Enforcement Directorate has attached assets worth ₹20.25 crore of a Jammu & Kashmir-based industrialist, Raj Kumar Gupta, in connection with alleged siphoning off ₹91.63 crore taken as loans from the Bank of India.
The funds were allegedly diverted through various entities including Jhelum Infra Projects India Private Limited (₹39.70 crore), Jhelum Industries (₹33.83 crore) and I.D SoodIspat Private Limited (₹18.10 crore). The loan accounts were classified as non-performing assets on December 31, 2014.
The ED initiated a probe under the Prevention of Money Laundering Act on the basis of FIRs registered by the CBI. It is alleged that ₹20.87 crore was withdrawn from the loan accounts and that of various sister concerns.
“Further, ₹18.47 crore were siphoned off through accounts owned and controlled by Mr. Gupta and his family members and through bogus accounts in the name of his employees opened specifically for the purpose...the remaining funds were utilised for making payments to different individuals for non-business activities,” said the agency.
The attached assets include a land parcel measuring 44 kanals and 10 marlas at village Kartholi in Samba and another one measuring 491 kanals and 16 marlas in Pulwama’s Pampore.
