New Delhi, April 1 (IANS) The Enforcement Directorate (ED)’s Kolkata unit has arrested city-based businessman Kaushik Kumar Nath in a money laundering case for availing various credit facilities from the State Bank of India (SBI) by submitting forged and fabricated documents.
The funds received in the guise of credit facilities were withdrawn in cash and used for purpose other than for which it was sanctioned.
The SBI has been cheated and defrauded to the tune of Rs 95 crore by him.
The ED initiated its investigation under PMLA on the basis of four different FIRs and chargesheets registered by the CBI, Kolkata.
During 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,” an official said.
The ED has 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.
Nath was produced before a Special Court in Kolkata which remanded him to ED’s custody till April 10.
–IANS
atk/ksk/
