The Enforcement Directorate (ED) has carried out searches on two premises of Archana Bhargava, former chairperson-cum-managing director (CMD) of United Bank of India and former executive director of Canara Bank.
The ED’s money laundering probe is based on a First Information Report (FIR) registered by the Central Bureau of Investigation against Ms. Bhargava for alleged disproportionate assets.
According to the FIR, Ms. Bhargava had amassed disproportionate assets to the tune of ₹3.63 crore during the period being examined, when she was occupying senior positions in various public sector banks.
The searches were carried out by the ED to trace the proceeds of the alleged crime and to unearth documentary evidence showing acquisition, routing, layering and projection (as legitimate assets) of the proceeds.
During the searches, the ED has seized certain documents and electronic evidence related to the case.
“It is pertinent to mention that Archana Bhargava is being investigated in another case also under the Prevention of Money Laundering Act, in respect of an FIR booked by the CBI against her in 2016,” said the agency.
The FIR pertains to the alleged use of Kolkata-based shell companies to layer the proceeds of crime into the accounts of Rank Mercantile Private Limited, a company owned by her husband and son.
