The Mumbai Zone of the Enforcement Directorate conducted search operations at nine places across Mumbai and Aurangabad in connection with a money laundering case involving bank fraud against Spectra Industries.
The search operation led to the freezing of bank accounts, fixed deposits and equity shares and securities worth Rs 8 crore and large number of property deeds.
The ED initiated an investigation in the case on the basis of an FIR registered by the Central Bureau of Investigation against Spectra Industries Limited, Jaidev Vinod Gupta, Sheela Vinod Gupta and others based on a complaint filed by Bank of India for defrauding a consortium of banks to the tune of Rs 27.6 crore.
“Spectra Industries and its directors hatched a criminal conspiracy to cause loss to banks and corresponding wrongful gain for themselves by diverting loan funds through fraudulent transactions and circular trading,” the ED said in a statement.
The CBI has filed a chargesheet in the case.
The ED investigation revealed that the promoters of the Spectra Industries took the services of various accommodation entry providers for the purpose of layering of funds through the bank accounts of various bogus entities. Suspicious third-party transactions were made to divert funds to various companies and bogus purchases were booked against payments made to different entities providing accommodation entries.
