Guwahati: ED Arrests Assam Co-Op Bank Ex-MD In Money-Laundering Case
Guwahati: A former managing director (MD) of the Assam-based Industrial Cooperative Bank Ltd. has been apprehended by the Enforcement Directorate under the anti-money laundering law in a case linked to alleged financial fraud with the bank.
The man has been identified as Subhra Jyoti Bharali, who was taken into custody on June 22 and was presented before a special Prevention of Money Laundering Act (PMLA) court in Guwahati on June 23.
The ED, in a statement, said that the court had sent the former MD of the Industrial Cooperative Bank Ltd. to seven days of ED custody.
It was revealed in the investigation that Bharali had abused his official position and siphoned off the bank's money to the tune of about Rs 9.51 crore in the guise of paying travelling allowance to payment collectors and field executives of the bank while working as the managing director of Industrial Cooperative Bank Ltd.
The ED said that he allegedly pulled this off by "showing other expenses which were not actually incurred and used the proceeds, so generated, for his personal gains."
The money laundering case stems from a Guwahati Police (Panbazar police station) FIR that was filed against Bharali on charges of "committing financial misappropriation of the funds of the bank."
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