Guwahati: Subhra Jyoti Bharali, the former managing director of the Assam-based Industrial Cooperative Bank Ltd had assets worth Rs. 30 crores attached by the Enforcement Directorate (ED) on Monday as part of a money laundering investigation.
Bharali was previously detained by the ED in June of this year, and action has been taken against him in relation to a bank fraud.
Additionally, a temporary order under the Prevention of Money Laundering Act (PMLA) was made to seize the assets.
The ED in a statement said, the assets include 87,70,000 shares of Sashi Kumar Tea Company Pvt. Ltd. (SKTCPL) and corresponding/proportionate immovable properties like a tea estate in Simlitola, Goalpara owned by SKTCPL and agricultural land in Rani, Kamrup (rural) worth a total of Rs 30.5 crores.
The ED said, “Exorbitant amounts were credited in accounts maintained in the names of payment collectors and field executives of ICBL in the guise of salary, incentive and travelling allowance.”
“All the accounts maintained with ICBL in the names of these people were operated by Bharali,” the agency alleged. “A substantial portion of the amount received as salary, incentive, and travel allowance in their accounts was misappropriated either by the way of cash withdrawal or by transfer to the accounts maintained in the names of entities, family members, accomplices, and others, beneficially owned, controlled, and operated by Bharali.”
Additionally, ICBL was defrauded of over 4.5 crores through the disbursement of overdraft loans, vehicle loans, and plant and machinery loans in the names of 11 “unworthy” clients, according to the ED.
Moreover, the loan that the Self-Help Group (SHG) received was also paid as a fixed deposit to the Asomi Thrift & Credit Co-operative Society Ltd (ATCCSL). The agency claims that Bharali “syphoned off and utilised” all of the revenues from this sum.
Following the filing of a FIR in the Panbazar Police Station accusing Bharali of “committing financial misappropriation of the cash of the bank,” the money laundering case was looked into.