**Title:** ED Provisions Attach ₹81.88 Crore in Mumbai Bank Fraud Case
**Meta Description:** The Enforcement Directorate has provisionally attached properties worth ₹81.88 crore linked to a bank fraud case involving the Vindhyavasini Group.
**URL Slug:** ed-attachment-vindhyavasini-bank-fraud
**Headline:** Enforcement Directorate Provisions Attach ₹81.88 Crore in Vindhyavasini Group Bank Fraud Investigation
The Mumbai branch of the Enforcement Directorate (ED) has provisionally attached assets valued at ₹81.88 crore under the Prevention of Money Laundering Act (PMLA), 2002, in connection with a bank fraud case involving the Vindhyavasini Group of companies. This group is associated with promoters Vijay Rajendraprasad Gupta, Ajay R Rajendraprasad Gupta, and their affiliates.
The ED’s investigation was initiated following multiple FIRs filed by the Central Bureau of Investigation (CBI) and the Economic Offences Wing (EOW) of Mumbai, citing various sections of the Indian Penal Code (IPC) and the Prevention of Corruption Act, 1988. The CBI’s findings indicated that the Gupta brothers, in collusion with bank officials, chartered accountants, loan consultants, and other conspirators, secured numerous loans and credit facilities from the State Bank of India (SBI) using fraudulent and fabricated documentation.
These loans, amounting to a staggering ₹764.44 crores, were misappropriated for personal gain after being diverted from their intended purpose. The ED’s investigation revealed that the promoters of the Vindhyavasini Group orchestrated a scheme to defraud SBI by routing and siphoning off funds through over 50 shell companies they established. Additionally, they withdrew more than ₹42 crores in cash.
The illicit proceeds from these loans were utilized to acquire immovable properties registered in their names, their family members’ names, and even in the names of benami entities. As part of the ongoing investigation, Vijay R Gupta, the main promoter of the group, was arrested under Section 19 of the PMLA on March 26 and is currently in judicial custody. The investigation continues as authorities seek to uncover further details regarding this extensive fraud.
**FAQ Section:**
**What actions has the Enforcement Directorate taken in the Vindhyavasini Group case?**
The Enforcement Directorate has provisionally attached properties worth ₹81.88 crore linked to the Vindhyavasini Group as part of an ongoing investigation into a bank fraud case involving significant financial misconduct.
