ED Attaches Rs. 3.14 Crore Worth Properties in Bank Fraud Case Involving Super Gold Pipes Pvt. Ltd.
(Judicial Quest News Network)
Haryana,28, January,2025. In a significant development, the Directorate of Enforcement (ED) has provisionally attached nine residential flats valued at approximately Rs. 3.14 Crore, linked to M/s Bansal Poles Pvt. Ltd. and its key associate, Kailash Gupta. The flats, located at Omaxe Executive Homez, Omaxe City in Bahadurgarh, Haryana, were seized on January 27, 2025, under the Prevention of Money Laundering Act (PMLA), 2002, as part of an ongoing investigation into a major bank fraud case involving M/s Supergold Pipes Pvt. Ltd.
The ED’s action follows an FIR registered by the Economic Offences Wing (EOW) of the CBI, New Delhi, which implicated M/s Supergold Pipes Pvt. Ltd. and its former directors—Parmod Gupta, Kailash Gupta, and A.P. Saxena, as well as public officials from the erstwhile Oriental Bank of Commerce. The charges include several sections of the Indian Penal Code (IPC), 1860, and the Prevention of Corruption Act, 1988.
According to the ED’s investigation, the accused individuals misappropriated and diverted funds obtained through a loan from Oriental Bank of Commerce, resulting in a financial loss of approximately Rs. 13.40 Crore to the bank. Of this, the bank has managed to recover about Rs. 5.19 Crore through the sale of mortgaged properties.
The investigation revealed that the loan was obtained under fraudulent circumstances, including the deliberate overvaluation of mortgaged land through the forgery of No Objection Certificates (NOCs) issued by the District Town Planner of Jhajjar. The loan, originally sanctioned for the expansion of M/s Supergold Pipes Pvt. Ltd.’s business, was illegally diverted by the company’s former directors, Parmod Gupta and Kailash Gupta. A large portion of the diverted funds was later used for acquiring residential flats, now attached by the ED.
As the investigation continues, the ED is pursuing further leads to uncover the full extent of the fraudulent activities.
