Kolkata businessman duped SBI of Rs 95 cr, arrested

Representation pic

The Enforcement Directorate (ED) on Saturday said it has arrested a Kolkata-based businessman under the anti-money laundering law for allegedly defrauding State Bank of India (SBI) of Rs 95 crore. Kaushik Kumar Nath was arrested on March 30 and a special Prevention of Money Laundering Act (PMLA) court in Kolkata sent him to ED custody till April 10, the agency said in a statement.

Nath, it said, availed credit facilities from SBI by submitting "forged and fabricated" documents. "The funds received in the guise of credit facilities were withdrawn in cash and used for purposes other than (those) for which they were sanctioned," it said. The ED said SBI, the country's largest lender, was cheated to the tune of about Rs 95 crore.

Also Read: Minor girl 'sexually assaulted, murdered' in Kolkata; locals protest, vandalise police vehicles

The money laundering case against Nath stems from at least four FIRs and charge sheets filed by the Central Bureau of Investigation (CBI) apart from a case filed against him by the Mumbai Police Crime Branch. "Nath was frequently changing his identity and defrauding banks. Recently, he had shifted his base to Mumbai and engaged in such type of criminal activities there," the ED said. Immovable assets worth Rs 3.68 crore have also been attached in this case, the agency said.

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever