ED Raids Delhi, Pune in ₹425 Crore Bank Loan Scam Probe
Searches target Gupta Exim over alleged fund diversion and laundering charges
The Enforcement Directorate (ED) launched a dramatic crackdown, raiding 10 locations across Delhi and Pune in a high-profile money laundering investigation tied to a colossal Rs 425 crore bank loan fraud.
The spotlight is on Gupta Exim India Private Ltd. (GEIPL), with nine premises in Delhi and one in Pune searched as part of the probe. Triggered by a Central Bureau of Investigation (CBI) First Information Report (FIR), the case accuses GEIPL’s promoters and directors of orchestrating a scheme to syphon off funds loaned by Punjab National Bank (formerly e-OBC Bank).
Official sources reveal the misappropriated funds were cunningly diverted to various related entities, weaving a complex web of financial deceit. The ED, operating under the Prevention of Money Laundering Act (PMLA), is intensifying its efforts to uncover the full extent of this audacious fraud, with potential for more shocking revelations as the investigation unfolds.
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