ED seizes Rs 30 crore assets of Assam Co-op Bank MD in money laundering case

Guwahati: ED seizes Rs 30 crore assets of Assam Co-op Bank MD in money laundering case. The Enforcement Directorate (ED) has seized assets worth over Rs 30 crore of a former managing director of Assam Co-op Bank Ltd as part of a money laundering probe, the agency said.

The ED has booked Subhra Jyoti Bharali, who was arrested by the agency in June in connection with the financial fraud with the bank.

A provisional order has been issued to freeze properties under the Prevention of Money Laundering Act (PMLA).
This includes 87,70,000 shares of Sashi Kumar Tea Company Pvt. Ltd. (SKTCPL) and related/commensurate immovable properties like a tea estate at Samlitola, SKTCPL owned agricultural land at Goalpara and Rani, Kamrup (Rural) with a total value of Rs 30.5 crore, the ED said in a statement.
In the guise of salary, perquisites and traveling allowance, excessive amounts were deposited in the accounts held in the name of the collectors and field executives of ICBL.

“All the accounts held with ICBL in the names of these persons were operated by Bharali and a large part of the amount received as salary, incentive and travel allowance in their accounts either through cash withdrawals. or misappropriated by transfer. ED alleged that accounts held in the name of entities, family members, associates and others, are beneficially owned, controlled and operated by fiduciaries.