ED has arrested Gian Chand in connection with the Bank Fraud Case involving Rs 99.7 crores by Deluxe Cold Storage & Food Processors Ltd. Directorate of Enforcement (ED) has arrested Gian Chand S/o Late Shri Ram Kishan on 06.10.2022 in connection with the Bank Fraud Case involving Rs. 99.74 crores by M/s Deluxe Cold Storage & Food Processors Ltd. He was produced before the Hon’ble Special Court which remanded him to ED Custody till 17.10.2022.
Who filed the complaint ?
ED initiated a money laundering investigation on the basis of an FIR dated 06.03.2020 registered by the Central Bureau of Investigation, against M/s Deluxe Cold Storage and Food processors Ltd and its Director Amar Chand Gupta. Based on the investigations by the AML Watchdog, ED, directors of M/s Deluxe Cold Storage and Food Processors Ltd, conspired to misappropriate bank funds.
They manipulated the books of accounts through fictitious entities and sister concerns of M/s Deluxe Cold Storage and Food processors Ltd. Amar Chand and other individuals routed the funds through shell entities and siphoned off the funds from the company’s accounts for their personal gains. This caused a loss of Rs. 99.74 Crore to the Public Sector Banks from 2015 to 2017.
The directors of M/s Deluxe Cold Storage & Food Processors Ltd namely Amar Chand Gupta, Ram Lal Gupta and Raj Kumar Gupta are already in Judicial Custody in another case pertaining to Shree Bankey Behari Exports Limited.
The accused Gian Chand hatched the criminal conspiracy with the Directors of M/s Deluxe Cold Storage & Food Processors Ltd for facilitating/accommodating bogus entries to the accused company in furtherance of the motive to siphon off the working capital fund and thereby caused loss to the exchequer.
Further investigation is under progress.
