Guwahati: Directorate of Enforcement (ED) on Wednesday conducted many raids at the residence and official premises of Subhra Jyoti Bharali, the former Managing Director of Industrial Co-operative Bank Limited (ICBL) in Assam, under the Prevention of Money Laundering Act (PMLA), 2002.
The ED launched a money laundering probe into Subhra Jyoti Bharali and others on the basis of a FIR filed at the Pan Bazar Police Station in Guwahati of Assam.
The FIR was filed under several provisions of the Indian Penal Code (IPC), which was enacted in 1860. According to reports, Subhra Jyoti Bharali allegedly perpetrated money embezzlement to the tune of Rs. 9.5 crores with the cooperation of other senior bank personnel.
During the search operations, damning documents were seized, including many sale deeds for properties purchased in the names of the accused’s family members, as well as details of several bank accounts.
Further investigation is underway into the case.