ED raids 2 premises of ex-United Bank MD Archana Bhargava in disproportionate asset case

Clipped from: https://www.businesstoday.in/sectors/banks/ed-raids-2-premises-ex-united-bank-md-archana-bhargava-money-laundering/story/434982.html

As per the FIR (first information report), she amassed disproportionate assets to the tune of Rs 3.63 crore when she held senior positions in many public sector banks

ED recovered certain incriminating documents and electronic evidence, reinforcing the case against Bhargava

The ED’s Delhi branch conducted searches at two premises of Archana Bhargava, former chairperson-cum-MD of United Bank of India and also former executive director of Canara Bank, on the basis of a CBI FIR against her in the disproportionate assets case.

As per the FIR (first information report), she amassed disproportionate assets to the tune of Rs 3.63 crore when she held senior positions in many public sector banks.

The searches aimed at tracing 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 that amounts to money-laundering.

As a result of searches, the ED (Enforcement Directorate) recovered certain incriminating documents and electronic evidence, reinforcing the case against Bhargava.

She is also being investigated in another case under Prevention of Money Laundering Act, 2002, in respect of a CBI (Central Bureau of Investigation) FIR against her in 2016. The FIR pertains to use of Kolkata-based shell companies to layer the proceeds of crime into the accounts of Rank Mercantile Private Limited (RMPL), a company owned by her husband and son. Further investigation is on in the case.

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