ED attaches Rs 20.25 crore immovable property of J&Ok industrialist over financial institution mortgage case
1 min read New Delhi: The Directorate of Enforcement (ED), has provisionally connected property value Rs 20.25 crores within the type of immovable properties in possession of one of many accused Sh. Raj Kumar Gupta, an industrialist in Jammu & Kashmir in Bank of India mortgage case involving siphoning off of funds to the tune of Rs.91.63 Cr. (by firms/agency specifically Jhelum Infra Projects India Pvt Limited- Rs.,39.70Cr., M/s Jhelum Industries – Rs. 33.83 Cr. and I. D SoodIspat Private Limited- Rs.18.10 Cr). The mortgage accounts had been labeled as NPA on 31.12.2014.
ED initiated investigation on the premise of FIRs registered by Central Bureau of Investigation, Jammu below part 120-B learn with part 420 and 409 of Ranbir Penal Code, 1989 (pari-materia sections below IPC).
The investigation thus far has revealed that massive amount of money of Rs. 20.87Cr. was withdrawn from the mortgage accounts and accounts of varied sister issues. Further, funds to the tune of Rs. 18.47 Cr. had been siphoned off by accounts owned and managed by Raj Kumar Gupta & his relations and thru bogus accounts within the identify of his staff opened particularly for the aim of siphoning off of funds of mortgage accounts. The remaining funds had been utilised for making funds to totally different people for non-business function.
The connected properties embrace land admeasuring 44 kanals 10 marlas at village Kartholi, district Samba of value Rs 7.59 crores and land admeasuring 491 kanals 16 marlas in tehsil Pampore, district Pulwama of value Rs 12.66 crores.
Further investigation on this case is below progress.
