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Directors of Shree Bankey Behari Exports Limited Arrested

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The directorate of Enforcement (ED) has arrested 4 persons in connection with the Bank Fraud Case involving Rs. 605 Crore by M/s Shree Bankey Behari Exports Limited. The said four persons are Amar Chand Gupta, Ram Lal Gupta, Raj Kumar Gupta (Directors of M/s Shree Bankey Behari Exports Limited (SBBEL)), and Sanjay Kansal, nephew and employee of Amar Chand Gupta.

ED initiated a money laundering investigation on the basis of an FIR dated 26.02.2020
registered by the Central Bureau of Investigation, EO–II, Delhi against SBBEL, its Directors
Amar Chand Gupta & others and other unknown public servants/persons with allegations
that directors of M/s SBBEL in conspiracy with each other and other individuals indulged
in the misappropriation of bank funds, criminal breach of trust, manipulation of books of
accounts through fictitious entities and sister concerns of M/s SBBEL and have routed
funds through shell entities and siphoned off the funds from the company’s accounts for their personal gains causing a loss to the tune of Rs. 605 Crore to the Public Sector Banks from 2010 to 2017.

An investigation by ED revealed that a web of shell/paper entities were created in the names of different persons by the Directors/employees of M/s SBBEL, through which
bogus sale –purchases transactions were shown in order to amplify the fake financials of
M/s SBBEL.

Under the garb of these bogus sale-purchases transactions, the banks’ funds were diverted to the banks’ accounts of sister concerns of M/s SBBEL, and crores of rupees were siphoned off in cash.

The investigation further revealed that the bank funds sanctioned to M/s SBBEL were
transferred to personal bank accounts of directors of M/s SBBEL by routing through their individual proprietorship concerns under the guise of non-genuine sale/purchase transactions and infused as share capital totaling Rs. 191 Crore in M/s SBBEL by them.

The bank funds, which were projected and infused as share capital in M/s SBBEL were then used to create fixed assets of more than Rs. 100 Crore by diverting, layering through various entities under their control.

Mohit Kumar
Mohit Kumar
Hey I am Mohit. I am the editor of the Newsinterpretation. Writing is my passion and financial column writing is my hobby.
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