Ex-MD of Industrial Co-operative Bank arrested by Enforcement Directorate

STAFF REPORTER

GUWAHATI: The Enforcement Directorate (ED) has arrested the erstwhile Managing Director of the Industrial Co-operative Bank Limited, Subhra Jyoti Bharali, under the Prevention of Money Laundering Act, 2002.

ED arrested Bharali on Wednesday and produced him in the court of the Special Judge here today. The court gave the ED seven days' custody of Bharali.

The ED had launched an investigation against Bharali and seven others in connection with a case (489/2021 u/c 120 (B)/408/409/468/471 of the IPC) registered at the Panbazar Police Station on September 15, 2021, over alleged financial misappropriation and forgery involving the bank's funds.

The case was registered based on a complaint lodged by one Bhadreswar Burman, president of the Nagarik Suraksha Mancha, Assam. It was alleged that Bharali and his accomplices had fraudulently siphoned off public funds from the bank to the tune of over Rs 9.5 crore.

It may be mentioned that Subhra Jyoti Bharali had been earlier arrested by the Panbazar police in connection with another case (551/2021). He was arrested following an FIR lodged by a former employee of the Industrial Co-operative Bank Limited, alleging that Bharali had forced him to take voluntary retirement (VRS) and also took a bribe of Rs 1.5 lakh to release the retirement benefits.

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