STAFF REPORTER
GUWAHATI: The Directorate of Enforcement (ED) has provisionally attached movable and immovable properties worth Rs 30.50 crore belonging to Subhra Jyoti Bharali, former Managing Director of the Industrial Co-operative Bank Ltd. (ICBL), which include companies owned by Bharali, his family members and associates, under the Prevention of Money Laundering Act (PMLA), 2002.
According to sources, the ED initiated a money laundering investigation against Subhra Jyoti Bharali and others on the basis of an FIR registered by the Panbazar Police Station under various sections of IPC, alleging that Bharali had misappropriated and siphoned off the funds of ICBL and another FIR registered by the Bureau of Investigation (Economic Offences), Assam Police, against Bharali and others.
The sources said that investigation by the ED revealed that exorbitant amounts were credited into the accounts maintained in the names of Payment Collectors & Field Executives (PCs & FEs) of ICBL in the guise of salary, incentive and travelling allowance. All the accounts maintained with ICBL in the names of PCs & FEs were operated by Subhra Jyoti Bharali and a substantial part of the amount received as a salary, incentive and travelling allowance in the accounts of PCs & FEs of ICBL was misappropriated either by the way of cash withdrawal or by transfer to the accounts maintained in the names of entities/family members/accomplices/mules, beneficially owned, controlled and operated by Bharali. Further an amount totalling Rs. 4.5 crore was siphoned off from the ICBL by disbursing overdraft loan/vehicle loan/plant & machinery loan in the names of eleven unworthy creditors. Further, a part of the loan amount being sanctioned to the Self Help Groups (SHGs) by the ICBL was collected as a fixed deposit in 'Asomi Thrift & Credit Co-operative Society Ltd. (ATCCSL)'. The entire proceeds of these amounts were siphoned off and utilized by Subhra Jyoti Bharali.
Bharali and others generated around Rs 30 crore via these illegal means and the money was integrated into the financial system by way of infusing the majority of the proceeds in Sashi Kumar Tea Company Pvt Ltd (SKTCPL). A part of the proceeds was also utilized in the acquisition of immovable properties in the names of Bharali's family members. Movable properties totalling 87,70,000 shares of SKTCPL and corresponding/ proportionate immovable properties totalling 2,313 bigha-4 Katha-15 less of a tea estate in Simlitola, Goalpara owned by SKTCPL and 36 bigha-4 Katha-5 less of agricultural land in Rani, Kamrup worth Rs 30.5 crore were identified and provisionally attached by the ED.
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