Gurugram DTCP Pushes Developers to Fast-Track Affordable Housing Project

                CHANDIGARH: The Gurugram Zonal Office of 
the Directorate of Enforcement (ED) on 
Tuesday claimed to have provisionally 
attached nine residential flats of M/s Bansal 
Poles Pvt. Ltd & 
Kailash Gupta, situated at Omaxe Executive 
Homez, Omaxe City, Bahadurgarh, District 
Jhajjar, Haryana, valued at Rs. 3.14 Crore 
(approx.) on January 27, 2025, under the 
provisions of 
the Prevention of Money Laundering Act 
(PMLA), 2002, in a bank fraud case related to 
M/s Supergold Pipes Pvt. Ltd.
ED initiated an investigation based on an FIR 
registered by the Economic Offences Wing 
(EOW) of the CBI, New Delhi, under various 
sections of IPC, 1860, and the Prevention of 
Corruption Act, 1988, against M/s Supergold 
Pipes Pvt. Ltd., its former Directors—Parmod 
Gupta, Kailash Gupta, and A.P. Saxena, and 
unknown public officials of the erstwhile 
Oriental 
Bank of Commerce.
ED investigation revealed that the accused 
individuals unlawfully siphoned off and 
diverted the funds obtained through a loan 
from the erstwhile Oriental Bank of Commerce 
documents 
and caused a wrongful loss to the tune of Rs. 
13.40 Crore (approx.). Out of this, the bank 
recovered an amount of Rs. 5.19 Crore 
(approx.) through selling the mortgaged 
properties.
ED investigation further revealed that the loan 
was obtained by mortgaging land whose 
valuation was fraudulently inflated through the 
forgery of No Objection Certificates (NOCs) 
issued 
by the District Town Planner of Jhajjar.

ED investigation so far has revealed that a 
portion of the loan, originally sanctioned for 
the purpose of expanding the business 
operations of M/s Supergold Pipes Pvt. Ltd., 
was diverted 
by the company’s former directors Parmod 
Gupta and Kailash Gupta. A significant portion 
of the diverted loan amount was subsequently 
utilised for the acquisition of residential flats. 
Further investigation is in progress.

Source : Times of India