New Delhi: The Enforcement Directorate (ED) has filed a prosecution complaint or chargesheet against seven Jammu and Kashmir-based businessmen and entities in a money laundering case related to bank fraud involving Bank of India (BOI).
Those named in the chargesheet include three individuals and four entities. The individuals are Raj Kumar Gupta, Radhika Mahajan and Rajat Mahajan; the entities are Jhelum Industries, Jhelum Infra Projects India Private Limited, I.D Sood Ispat Private Limited and New Jammu Flour Mills Private Limited.
The chargesheet was filed under the Prevention of Money Laundering Act (PMLA), 2002, in a case related to bank fraud wherein the total Non-Performing Assets (NPA) declared by the Bank of India was Rs 91.50 crore, the ED said in a statement.
The Principal Sessions Judge Jammu took cognizance of the chargesheet on November 7.
The ED initiated a money laundering investigation on the basis of four FIRs registered by the Central Bureau of Investigation (CBI).
“Investigation by ED revealed the commission of fraud, cheating, forgery, diversion and siphoning 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,” the ED said in the statement.
However, it said that loans were not used for the intended purposes and were defaulted.
“Accused Raj Kumar Gupta along with his family members has floated numerous concerns in the name of his family members and in the name of his employees to divert and siphon off the cash credit loan obtained in the name of the above-mentioned entities,” the ED added.
Earlier, properties worth Rs 20.21 crore of the accused persons and entities were attached by the ED in the case.