ED Searches 9 Locations in Spectra Industries Bank Fraud Case, Freezes Assets Worth Rs8 Crore
Moneylife Digital Team 19 December 2024
The Mumbai zonal office of the directorate of enforcement (ED) on Tuesday conducted search operations at nine different locations across Mumbai and Aurangabad under the provisions of the Prevention of Money Laundering Act (PMLA) in a money laundering case involving bank fraud against Spectra Industries Ltd (SIL) and others. The search operation led to freezing bank balance, fixed deposits, equity shares, securities worth Rs8 crore, and many property deeds, the agency says.
 
The banking securities fraud branch (BSFB) of central bureau of investigation (CBI) filed a first information report against Spectra Industries and the company directors Jaidev Vinod Gupta, Sheela Vinod Gupta and others based on a complaint filed by Bank of India for defrauding a consortium of banks of Rs27.6 crore. 
 
SIL and its directors hatched a criminal conspiracy to cause loss to banks and corresponding wrongful gain to themselves by diverting loan funds through fraudulent transactions and circular trading, CBI says in the charge sheet.
 
ED investigation revealed that the promoters of SIL took the services of various accommodation entry providers for layering funds through the bank accounts of various bogus entities. "Suspicious third-party transactions were made to divert funds to the various companies. Bogus purchases were booked against payments made to different entities providing accommodation entries," the agency says.
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