The Enforcement Directorate (ED) on Friday conducted raids at two premises belonging to former United Bank of India (UBI) chairperson Archana Bhargava in connection with its investigation into money laundering charges against her. According to a statement, the central agency started the probe on the basis of a First Information Report (FIR) filed by the Central Bureau of Investigation (CBI) against Bhargava in a disproportionate assets case. She had served as the bank’s chairperson and managing director from April 23, 2013, to February 20, 2014.
Bhargava, according to the FIR, collected disproportionate assets to the extent of ₹3.63 crore when she was in a senior position in several public sector banks from 2004 to 2014. Before joining UBI, Bhargava had worked as Canara Bank’s executive director from 2011 to 2013.
“The searches were carried out by the ED 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 ₹3.63 crore, leading to commission of the offence of money-laundering," the agency said in a statement. They said it recovered “certain incriminating documents and electronic evidences pertaining to aforesaid further reinforcing the case against Archana Bhargava” during the
ED is also investigating the former UBI chairperson in another case under the Prevention of Money Laundering Act, 2000, with regard to the complaint filed by CBI in 2016. It pertains to using shell companies based in Kolkata to layer the proceeds of crime in the accounts of Rank Mercantile Private Limited (RMPL), a firm owned by Bhargava’s husband and son.
CBI, which reviewed her income between 2004 and 2014 when she worked in senior positions at various public sector banks, alleged Bhargava during that period amassed assets worth ₹4.89 crore and incurred an additional expenditure of ₹1.47 crore against her known income of ₹2.73 crore.
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