ED arrests ex-MD of Industrial Co-operative Bank: 7-days remand granted

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He was arrested by ED due to his involvement in the offence of money laundering and his noncooperation in the PMLA investigation
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ED attaches assets of ex Assam DIPR Director Ranjit Gogoi
He was arrested by ED due to his involvement in the offence of money laundering and his noncooperation in the PMLA investigation

Guwahati: The Directorate of Enforcement (ED) has arrested Subhra Jyoti Bharali, former managing director (MD) of Industrial Co-operative Bank Ltd. in a money laundering case on Friday.

The instant case of money-laundering, was initiated on the basis of FIR registered by the Panbazar Police Station, Guwahati, against Bharali, the then MD of Industrial Co-operative Bank Ltd. and others for committing financial misappropriation of the funds of the Industrial Cooperative Bank Ltd.

During the course of investigation under the provisions of Prevention of Money Laundering Act (PMLA), it was revealed that Bharali, while working as the MD 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 (approx.) 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.

He was arrested by ED due to his involvement in the offence of money laundering and his noncooperation in the PMLA investigation.

Bharali was produced before the court and after hearing the parties the court has granted seven days’ custody of the accused to Enforcement Directorate.

Further investigation in this case is going on.

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