Ex-United Bank MD Archana Bhargava's Property Raided In Disproportionate Asset Case

United Bank MD Archana Bhargava: The Enforcement Directorate (ED) raided the former Chairman and Managing Director of United Bank of India (UBI) Archana Bhargava's property on Friday.

Two of her premises were searched by the Delhi branch after the central agency started the probe based on the First Information Report (FIR) filed by the Central Bureau of Investigation (CBI). Three years ago, the CBI had booked Bhargava in a disproportionate assets case and she is charged for allegedly amassing assets worth over Rs 3.6 crore against the income of Rs 2.73 crore. She had served as the bank's chairperson and managing director from April 23, 2013 to February 20, 2014.

ED carries out searches at two premises belonging to Archana Bhargava, Ex- Chairperson-cum-Managing Director of United Bank of India and also Ex- Executive Director of Canara Bank

— ED (@dir_ed) March 26, 2021

She had also worked as the executive director of Canara Bank from 2011-2013.

As per the FIR, she amassed disproportionate assets when she held senior positions in many public sector banks between 2004-2014.

In its FIR, the agency has written illegal assets at Rs 3.63 crore, 133.23 percent over and above her known sources of income, HT reported. ED claimed that she had allegedly abused her official position and obtained certain amounts for herself.

Archana Bhargava property raided

The ED reportedly searched her property with an aim at tracing the proceeds of crime and they have recovered certain incriminating documents and electronic evidence, reinforcing the case against Bhargava. They searched for evidence that could show acquisition, routing, layering and projection (as legitimate assets) of the said proceeds of crime that amounts to money-laundering.

She is reportedly being investigated in another case under the Prevention of Money Laundering Act, 2002, in respect of a CBI (Central Bureau of Investigation) FIR against her in 2016.

Archana Bhargava became a Deputy General Manager of Punjab National Bank in 2004 and General Manager in 2008. She worked as Executive Director at Canara Bank from April 1, 20011 to April 22, 2013, and eventually, joined United Bank of India on April 23, 2013 as Chairman and Managing Director, a position she held till February 20, 2014.

Feature Image Credit: Mint