The Enforcement Directorate (ED) on Tuesday filed a charge-sheet against Delhi-based company Occasion Silver Private Limited (OSPL), its directors — the father-son duo of Raj Kumar Gupta and Kapil Gupta — and other accused persons in connection with a money laundering case.
An ED official said that the agency had registered a case under the provisions of the Prevention of Money Laundering Act (PMLA) against OSPL, Kapil Gupta, Raj Kumar Gupta and other entities and persons on the basis of an FIR and charge-sheet filed by the CBI on March 19, 2018.
The ED official said that OSPL was dealing with wholesale and retail trading of silver jewellery and silver articles, diamond and gold jewellery, imitation jewellery, gift items, crockery items etc. It was sanctioned OCC/ODBD limit of Rs 60 crore with sub-limit of ODBD of Rs 30 crore on November 21, 2013.
Later, an ad hoc limit of Rs 8 crore was also permitted and it was released on April 2, 2014. The account turned NPA on September 29, 2014 and was declared fraud on March 23, 2015.
The official said that the probe found that Kapil Gupta used his company to divert the bank funds to other accounts of OSPL, accounts of directors of OSPL and accounts of his other group companies — Future Jewels Pvt Ltd, Aarna Enterprises Pvt Ltd and Aadit Enterprises Pvt Ltd.
The official said that Kapil Gupta then siphoned off the proceeds of crime by purchasing gold or silver and jewellery, and selling them for cash.
The official said, “Kapil Gupta adopted a unique modus operandi in which fictitious sale or purchase was projected with the help of various other entities which provided him a platform for money laundering.”
The ED had earlier attached properties to the tune of Rs 4.31 crore of Kapil Gupta.