CHANDIGARH: The Gurugram Zonal Office of the Directorate of Enforcement (ED) on Tuesday claimed to have provisionally attached nine residential flats of M/s Bansal Poles Pvt. Ltd & Kailash Gupta, situated at Omaxe Executive Homez, Omaxe City, Bahadurgarh, District Jhajjar, Haryana, valued at Rs. 3.14 Crore (approx.) on January 27, 2025, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in a bank fraud case related to M/s Supergold Pipes Pvt. Ltd.
ED initiated an investigation based on an FIR registered by the Economic Offences Wing (EOW) of the CBI, New Delhi, under various sections of IPC, 1860, and the Prevention of Corruption Act, 1988, against M/s Supergold Pipes Pvt. Ltd., its former Directors—Parmod Gupta, Kailash Gupta, and A.P. Saxena, and unknown public officials of the erstwhile Oriental Bank of Commerce.
ED investigation revealed that the accused individuals unlawfully siphoned off and diverted the funds obtained through a loan from the erstwhile Oriental Bank of Commerce documents and caused a wrongful loss to the tune of Rs. 13.40 Crore (approx.). Out of this, the bank recovered an amount of Rs. 5.19 Crore (approx.) through selling the mortgaged properties.
ED investigation further revealed that the loan was obtained by mortgaging land whose valuation was fraudulently inflated through the forgery of No Objection Certificates (NOCs) issued by the District Town Planner of Jhajjar.
ED investigation so far has revealed that a portion of the loan, originally sanctioned for the purpose of expanding the business operations of M/s Supergold Pipes Pvt. Ltd., was diverted by the company’s former directors Parmod Gupta and Kailash Gupta. A significant portion of the diverted loan amount was subsequently utilised for the acquisition of residential flats. Further investigation is in progress.
