West Bengal: In a massive development to a money laundering case, The Enforcement Directorate (ED) arrested a Kolkata-based businessman for availing various credit facilities from the State Bank of India (SBI) by submitting forged and fabricated documents. According to reports, the accused has been identified as Kaushik Kumar who allegedly cheated and defrauded the SBI to the tune of Rs 95 crore.
The funds obtained under the guise of credit lines were withdrawn in cash and applied to purposes other than those authorised, an official said. Notably, the ED launched its probe under PMLA on the basis of four different FIRs and chargesheets registered by the CBI, Kolkata.
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Accused used fake identity to dupe banks
During the investigation by ED Kolkata, another case registered by Crime Branch, Mumbai Police, also came to the notice of the central probe agency. "Nath is frequently changing his identity and defrauding the banks. Recently, he had shifted his base to Mumbai and engaged in such type of criminal activities there," the official added.
Further, the ED has also identified several immovable properties acquired by the accused from the Proceeds of Crime. Out of the said properties, four worth Rs. 3.68 crore are already attached by the ED. It should be mentioned here that Nath was produced before a Special Court in Kolkata which remanded him to ED's custody till April 10.
(With inputs from IANS)