The Enforcement Directorate (ED) on Friday carried out searches at the premises of Archana Bhargava, the former Chairperson-cum-Managing Director of Union Bank of India (UBI) and former executive director of the Canara Bank, in connection with a disproportionate asset case.
The financial probe agency in a statement said, “ED’s Delhi unit carried out searches at two premises belonging to Bhargava.”
It said that the agency has registered a case on the basis of FIR registered by Central Bureau of Investigation (CBI) against Bhargava in the disproportionate assets case.
As per the CBI FIR, Bhargava had amassed disproportionate assets to the tune of Rs 3.63 crore during the check period when she was occupying senior positions in various public sector banks.
THe ED said that the searches were carried out by the ED to trace the proceeds of crime and to unearth the documentary evidence showing acquisition, routing, layering and projection (as legitimate assets) of the said proceeds of crime amounting to Rs 3.63 crore, leading to commission of the offence of money-laundering.
“As a result of searches, ED has recovered certain incriminating documents and electronic evidences pertaining to aforesaid further reinforcing the case against Bhargava,” the agency said.
Bhargava is also being probed by ED in another case under Prevention of Money Laundering Act (PMLA) in respect of FIR booked by CBI against her in 2016.
Another FIR relates to use of Kolkata-based shell companies to hide the proceeds of crime into the accounts of Rank Mercantile Private Limited (RMPL), a company owned by her husband and son.