ED arrests ex-Managing Director of Industrial Co-operative Bank Ltd in a money laundering case
Jun 24, 2022
New Delhi [India], June 24 : The Enforcement Directorate (ED) has arrested Subhra Jyoti Bharali, former Managing Director of Industrial Co-operative Bank Limited in a money laundering case, the agency said on Friday.
The federal agency arrested Bharali on Wednesday due to his involvement in the offence of money laundering and his non-cooperation in the Prevention of Money Laundering Act (PMLA) investigation. He was produced before a special PMLA court on Thursday which granted seven days' custody of the accused to the Enforcement Directorate.
The instant case of a money-laundering was initiated on the basis of a First Information Report registered by Guwahati's Panbazar Police Station against Bharali and others for committing financial misappropriation of the funds of the Industrial Co-operative Bank Ltd.
During the course of the investigation under the provisions of PMLA, the ED said that it was revealed that Bharali, while working as the Managing Director of Industrial Co-operative Bank Ltd, had abused his official position and siphoned off the bank's money to the tune of Rs 9.51 crore (approximately) in the guise of paying travelling allowance to the Payment Collectors and Field Executives of the bank and by showing other expenses which was not actually incurred and used the proceed so generated for his personal gains.
