The Enforcement Directorate (ED) has gone ahead and attached assets worth ₹81.88 crore in a bank fraud case against Vijay and Ajay Gupta, who are connected to the Vindhyavasini Group. This move by the ED has caused a loss of ₹764.44 crore to the State Bank of India (SBI). It seems like things are getting pretty serious for these guys.
Investigations by the ED are ongoing, and they have seized both movable and immovable assets as part of their money laundering probe. The case involves allegations of fraud where the Guptas, along with some bank officials, chartered accountants, and other partners in crime, supposedly took out loans and credit using fake documents. These funds were then misused for personal gain, resulting in a significant loss for the SBI. It’s a classic case of white-collar crime gone wrong, and the ED is not taking it lightly.
The whole situation is a mess, with over 50 shell companies allegedly involved in laundering the proceeds of the fraudulent activities. Vijay Gupta has already been arrested and is currently sitting in judicial custody. It’s a sticky situation for sure, and one that is likely to drag on for a while. Who knew banking fraud could be such a lucrative business, right?
