ED searches former prime PSU banker over cash laundering

The Enforcement Directorate Friday carried out searches at two premises of former United Bank of India CMD Archana Bhargava in reference to an alleged cash laundering case.
The company’s case is predicated on a CBI FIR towards Bhargava, who was additionally Executive Director at Canara Bank, over disproportionate property.
“The searches were carried out by ED to trace the proceeds of crime and to unearth the documentary evidence showing acquisition, routing, layering and projection (as legitimate assets) of the said Proceeds of Crime amounting to Rs. 3.63 Crore, leading to commission of the offence of money-laundering. As a result of searches, ED has recovered certain incriminating documents and electronic evidences pertaining to aforesaid further reinforcing the case against Archana Bhargava,” the ED mentioned in a press release.
In an FIR registered in February 2018, the CBI had alleged that as Executive Director of Canara Bank and as CMD of United Bank, Bhargava amassed wealth disproportionate to her recognized sources of revenue between April 1, 2004 and Februray 20, 2014.
The company additionally performed searches at her residence and the workplace premises of Rank Mercantile Pvt. Ltd in Delhi, Noida and Mumbai. The company claimed to have recovered “heavy cash”, gold and paperwork associated to movable and immovable property in her and her household’s title.
Bhargava, who joined Punjab National Bank as a administration trainee in 1997, acquired these property within the title of her husband Sunil and son Anshuman within the final 10 years of her profession, CBI mentioned.
She resigned from her submit of CMD at United Bank on February 25, 2014 after the Reserve Bank of India initiated a probe towards her and the financial institution over the piling up of dangerous loans within the final two quarters of 2013-14.
After conducting a forensic audit in November 2013, RBI in December restrained United Bank from advancing credit score of greater than Rs 10 crore to a single borrower and restructuring burdened property.The financial institution had reported a internet lack of greater than Rs 1,200 crore within the December quarter that 12 months.
Following this, in September 2016, CBI registered a corruption case towards Bhargava and two corporations related together with her.
“It is pertinent to mention that Archana Bhargava is being investigated in another case also under Prevention of Money Laundering Act, 2002 in respect of FIR booked by CBI against her in 2016. The said FIR pertains to use of Kolkata based shell companies to layer the proceeds of crime into the accounts of Rank Mercantile Private Limited (RMPL), a company owned by her husband and son,” ED mentioned in a press release.