NEW DELHI, Aug 22: The Enforcement Directorate on Monday said it has attached assets worth more than Rs 30 crore of a former managing director of Assam-based Industrial Cooperative Bank Ltd as part of a money laundering probe.
Action has been taken against Subhra Jyoti Bharali, who was arrested in June by the agency in connection with a financial fraud with the bank, and a provisional order for attaching the properties has been issued under the Prevention of Money Laundering Act (PMLA).
This includes 87,70,000 shares of Sashi Kumar Tea Company Pvt. Ltd. (SKTCPL) and corresponding/proportionate immovable properties like a tea estate in Simlitola, Goalpara owned by SKTCPL and agricultural land in Rani, Kamrup (rural) worth a total of Rs 30.5 crore, the ED said in a statement.
“Exorbitant amounts were credited in accounts maintained in the names of payment collectors and field executives of ICBL in the guise of salary, incentive and travelling allowance.
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“All the accounts maintained with ICBL in the names of these people were operated by Bharali and a substantial part of the amount received as salary, incentive and travelling allowance in their accounts was misappropriated either by the way of cash withdrawal or by transfer to the accounts maintained in the names of entities, family members, accomplices and others, beneficially owned, controlled and operated by Bharali,” the ED alleged.
It alleged that an amount of Rs 4.5 crore was siphoned off from ICBL by disbursing overdraft loan, vehicle loan, plant and machinery loan in the names of 11 “unworthy” creditors.
A part of the loan being sanctioned to self-help groups (SHGs) by ICBL was collected as a fixed deposit in Asomi Thrift & Credit Co-operative Society Ltd. (ATCCSL) and the entire proceeds of this amount were “siphoned off and utilised” by Bharali, the agency alleged.
The money laundering case stems from a Guwahati police (Panbazar police station) FIR that was filed against Bharali on charges of “committing financial misappropriation of the funds of the bank.” (PTI)
