ED Raids Ghosh Brothers Group of Companies, Seizes Assets Worth Rs 63 Lakh

Guwahati: The Enforcement Directorate (ED) has conducted a raid at various business and residential premises of Ghosh Brothers Group of companies across Assam.

During the raid on Tuesday, ED had seized cash and gold jewellery worth Rs 63 lakhs.

The raid was conducted under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, where the agency seized certain assets and incriminating documents.

Earlier, in June this year, the Central Bureau of Investigation (CBI) had raided the Spanish Garden at Zoo Road and Manik Nagar residences of the director and promoters of Ghosh Brother Automobiles in Guwahati.

On June 2 this year, the CBI also filed a case against the director and promoters of Ghosh Brother Automobiles on the charge of taking a Rs 64.67-crore loan from the IDBI Bank with false documents. The loan amount escalated to Rs 168 crore now with interests.

ED started investigating with an angle of money laundering on the basis of FIR filed by CBI, BS&FC, Kolkata under section 120-B r/w 420, 468, 471 of IPC, 1860.

On the basis of the complaint filed by the IDBI bank, other five FIRs have been registered against the other entities of Ghosh Brothers Group.

"Taking a loan using fake and fabricated documents, the Promoter/Director of Ghosh Brother Group of Companies defrauded the IDBI Bank to the extent of Rs.124 crore,'' the ED said in an official statement.

So far, the investigation in money laundering case has revealed that a term loan and a cash credit facility are said to have been granted to a private company based in Betkuchi, Guwahati, for the purpose of purchasing vehicles.

The accused obtained the loans by falsifying documents. They diverted the funds raised, resulting in a loss for the bank.

ED in its release further asserted that the majority of the companies were registered at the same address of Ghosh brothers Motors Pvt. Ltd and found to be inactive which were used to rotate and divert the proceeds of the loan.

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