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ED attaches assets worth 20.25 crore of J&K-based industrialist in bank fraud case

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(G.N.S) Dt. 11

Jammu

In connection with alleged siphoning off 91.63 crores taken as loans from the Bank of India, Enforcement Directorate has attached assets worth 20.25 crores of a Jammu & Kashmir-based industrialist, Raj Kumar Gupta.

ED initiated a probe under the Prevention of Money Laundering Act on the basis of FIRs registered by the CBI. It is alleged that 20.87 crore was withdrawn from the loan accounts and that of various sister concerns.

Further, 18.47 crore were siphoned off through accounts owned and controlled by Mr. Gupta and his family members and through bogus accounts in the name of his employees opened specifically for the purpose…the remaining funds were utilised for making payments to different individuals for non-business activities,” said ED.

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