Bank loan fraud: ED arrests Kolkata-based bizman for ‘cheating’ SBI for Rs 95 cr
New Delhi, Apr 1 (PTI) A Kolkata-based businessman has been arrested under the Anti-Money Laundering Act for allegedly defrauding the State Bank of India to the tune of Rs 95 crore, the Enforcement Directorate (ED) said on Saturday.
Kaushik Kumar Nath was arrested on March 30 and a special Prevention of Money Laundering Act (PMLA) court in Kolkata ordered his ED custody till April 10, the agency said in a statement.
Nath obtained loan facilities from State Bank of India (SBI) by submitting “forged and fabricated” documents.
“Funds received in the guise of credit facilities were withdrawn in cash and used for purposes other than (those) for which they were sanctioned,” it said.
The country’s largest lender, SBI, has been defrauded to the tune of around Rs 95 crore, the ED said.
The money laundering case against Nath stems from at least four FIRs and chargesheets filed by the Central Bureau of Investigation (CBI), apart from the case registered against him by the Mumbai Police Crime Branch.
“Nath used to cheat banks by changing his identity frequently. Recently, he shifted his base to Mumbai where he indulged in such criminal activities,” the ED said.
The company said that immovable property worth Rs 3.68 crore has also been seized in this case.