ED raids former UBI Chairperson in disproportionate assets case

New Delhi [India], March 26 : The Enforcement Directorate (ED) on Friday carried out searches at two premises belonging to former Chairperson-cum-Managing Director of United Bank of India (UBI) and former Executive Director of Canara Bank, Archana Bhargava for allegedly amassing disproportionate assets to the tune of Rs 3.63 crore, said the economic intelligence agency.
ED, in a statement issued on Friday, said that it initiated investigations on the basis of a first information report (FIR) registered by the Central Bureau of Investigation (CBI) against Archana Bhargava in the disproportionate assets case.
As per the FIR, she had amassed disproportionate assets to the tune of Rs 3.63 crore during the check period when she was occupying senior positions in various public sector banks, it said.
ED informed that the searches were carried out by it to trace 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 amounting to Rs 3.63 crore, leading to the commission of the offence of money-laundering.
As a result of searches, ED recovered certain incriminating documents and electronic evidence pertaining to aforesaid further reinforcing the case against Archana Bhargava, it said.
The ED further mentioned that Archana Bhargava is being investigated in another case also under the Prevention of Money Laundering Act, 2002 in respect of FIR booked by CBI against her in 2016.
"The said FIR pertains to the 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 in progress," it added.