New Delhi :
The Enforcement Directorate has arrested Vijay R Gupta, a promoter and director of Vindhyavasini Group of Companies. This action has been taken in the case of loan taken by fraudulently taken from State Bank of India. After this, the Mumbai court has sent him to the custody of ED for seven days. Gupta was arrested on 26 March under the provisions of the Money Laundering Act Prevention Act 2002.
How did scam
The ED launched this investigation on the basis of an FIR lodged by the CBI’s Economic Offenses Branch against Vindhyavasini Group of Companies and his promoters Vijay R Gupta and Ajay R. Gupta. Investigation found that these companies had taken a loan of crores of rupees from State Bank of India through fake and fake documents. In the year 2013, all these loans were converted into NPAs and its total amount was Rs 764.44 crore.
Big revelations in ED investigation
There have been many big revelations in the ED investigation regarding Vindhyavasini Group of Companies and their promoters. It is alleged that Vijay R Gupta got a term loan and cash loan facility to buy steel rolling mills (in Silvasa and Maharashtra) in the name of four Vindhyavasini Group companies. Along with this, a loan was also taken for construction of mall in the name of a company called Rajput Retail Limited and the purchase of commercial buildings.
The ED investigation has revealed that fake and exaggerated MoUs have been used to get a loan, so that no private capital has to be contributed by the promoter.
Created over 40 shell companies!
ED investigation has revealed that more than 40 shell companies were formed, through which the loan was manipulated. A part of the loan money was imposed in the purchase of properties from Mumbai and surrounding.
The Enforcement Directorate is further investigating this matter. Also, the role of other persons associated with this case is also being investigated.