Over Rs 83 Cr loan scam; ED raids businessman’s house, CA’s office, 6 other locations

STATE TIMES NEWS

JAMMU: Continuing a probe into Rs 83.50 Crore Bank of India Loan Scam, the Enforcement Directorate (ED) on Tuesday conducted raids at seven locations including the house of a local businessman, his Chartered Accountant and six other establishments.
The ED sleuths raided Gandhi Nagar residence of Raj Kumar Gupta, owner of Jhelum Industries, office of Gupta’s Chartered Accountant Sanjay Gupta at Jewel Chowk, New Jammu Floor Mill, Adda Sarore, owned by Gupta.
Raj Kumar Gupta had allegedly managed loan of Rs 83.50 crore from Bank of India using fake and factious documents. The ED begun the probe when senior bank officials detected three illegally issued loans.
Under the ED scanner also came three Bari Brahaman based companies with which Gupta’s companies had huge transactions and business dealings. These include Narbada Steels, Guru Kripa Alloys and Jammu Casting.
Sources told STATE TIMES that documents seized during the raids are being thoroughly examined by the ED sleuths. Financial irregularities of multi crores have been detected, sources disclosed.
Details of several types of bank accounts and assets have been found which Raj Kumar did not reveal during the interrogation. During investigation, several bank accounts were found which are in his name or his relatives’ names.
Crores of rupees have been transacted from their accounts in the name of business. Not only this, loans have also been taken from banks. Earlier, CBI had also questioned Raj Kumar Gupta.