Bank Fraud: The Enforcement Directorate (ED) conducted raids at the premises of Defense Bullion and Classic Marbles in Mumbai. 431 kg of gold and silver were seized in these raids. Officials estimate its market value at 47.76 crores. After opening two lockers, 91.5 kg of gold (bricks) and 152 kg of silver were found and confiscated, the agency said in a statement. An additional 188 kg of silver was seized at the Defense Bullion premises. The total value of recovered gold and silver is Rs.47.76 crores.
Earlier the Enforcement Directorate registered a money laundering case against M/s Parekh Aluminumex Ltd. The company was accused of defrauding the banks and taking loans of 2296.58 crores. According to the ED statement, keys of private lockers were found in the premises of M/s Raksha Bullion during the raid.
When the private lockers were inspected, it was found that the lockers were being maintained without following proper regulations. At the same time, KYC was not followed. No CCTV cameras are installed in the premises. Not only this, there is no in,out register. The statement said that when the locker premises were searched, there were 761 lockers out of which 3 belonged to M/s Raksha Bullion. The investigation into the entire matter is ongoing. Former MP Kothapally Geetha was arrested by the Central Bureau of Investigation (CBI) on Wednesday in a bank loan fraud case. On Tuesday, Geetha, her husband and two others were arrested after being found guilty in the CBI court. It is alleged that in 2009, he took a loan of 25 crores from the bank and cheated it, later it increased to 42 crores.
ED concluded search operation at 4 premises belonging to Raksha Bullion & Classic Marbles today, in connection with the money laundering probe in the case of Parekh Aluminex limited. Earlier an amount of Rs 46 cr & Rs 158 cr was attached by the directorate in this case: ED
— ANI (@ANI) September 14, 2022
In this case, the CBI has filed a charge sheet against Geetha along with her husband Ramakoteshwar, managing director of Visveshwara Infrastructure and others. The court imposed a fine and five years imprisonment. Geetha won the 2014 elections from Araku Lok Sabha seat on behalf of YSR. He left YSR and joined BJP in 2018.
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