New Delhi: The Enforcement Directorate (ED) on Monday August 22 said it has attached movable and immovable properties worth Rs 30.50 crore belonging to one Subhra Jyoti Bharali, then Managing Director of Industrial Co-operative Bank Ltd. (ICBL), and companies beneficially owned by Bharali and his family members in connection with a money laundering case.
The ED initiated the money laundering investigation against Bharali and others on the basis of the two FIRs registered at a Guwahati police station under various sections of IPC. It was alleged in the FIR that Bharali had misappropriated and siphoned off the funds of ICBL.
There was another FIR registered by the Economic Offences, Assam Police, against Bharali and others under various sections of IPC. Both the FIRs were taken by the ED to lodge the PMLA case.
The ED learnt in the investigation that exorbitant amounts were credited in the accounts maintained in the names of Payment Collectors and Field Executives (PCs & FEs) of ICBL in the guise of salary, incentive and travelling allowance.
All the accounts maintained with ICBL in the names of PCs and FEs were operated by Bharali and a substantial part of the amount received as salary, incentive and travelling allowance in the accounts of PCs & FEs of ICBL, was misappropriated either by the way of cash withdrawal or by transfer to the accounts maintained in the names of entities, beneficially owned, controlled and operated by Bharali.
Further, an amount totalling to Rs 4.5 crore was siphoned off from the ICBL by disbursing Over-Draft Loan in the name of 11 unworthy creditors.
Further, a part of the loan amount being sanctioned to the Self Help Groups (SHGs) by the ICBL was collected as fixed deposit.
Entire proceeds of these amount were siphoned off and utilised by Bharali.
By way of commission of the scheduled offence, proceeds of crime of around Rs 30 crore was generated by Bharali and others.
“The proceeds of crime was integrated into the financial system by way of infusing the majority of the proceeds in Sashi Kumar Tea Company Pvt. Ltd. (SKTCPL). A part of the proceeds of crime was also utilised in acquisition of immovable properties in the names of family members of Bharali. Movable properties totalling to 87,70,000 shares of SKTCPL and immovable properties of tea estate in Simlitola, Goalpara owned by SKTCPL and agricultural land in Rani, Kamrup (rural) worth Rs 30.5 crore were identified and attached by us,” an ED official said.