The Enforcement Directorate (ED) has carried out searches at various business and residential premises of Assam-based Ghosh Brother Group of Companies in a money laundering case and seized movable assets Rs 63 lakh, the agency said on Tuesday.
The federal agency conducted these raids under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 and seized certain assets and incriminating documents.
The seized assets are in the form of unaccounted cash and gold jewellery of Rs 63 lakhs.
ED initiated the money-laundering investigation on the basis of FIR registered by CBI Kolkata under various sections of the Indian Penal Code (IPC). Subsequently, five other FIRs have been registered against the other entities of Ghosh Brothers Group, on the basis of the complaint filed by the IDBI Bank.
ED investigation revealed that "The promoter and director of Ghosh Brother Group of Companies defrauded the IDBI Bank to the extent of Rs 124 crore, by taking loan on the basis of fake and fabricated documents".
"Ghosh Brothers Group of Companies and its promoters and directors Pranab Ghosh, Pratul Ghosh and Gita Rani Ghosh diverted part of the bank loan amounts after rotating amongst various accounts maintained by the entities involved in the fraud with other banks to the accounts of other group companies as well as to unrelated parties," said the ED.
The majority of the companies were registered at the same address of Ghosh Brothers Motors Pvt Ltd and found to be shell companies that were used to rotate and divert the proceeds of loan, the ED said.
( With inputs from ANI )
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor