Image has been used for representational purpose only. , photo credit: s. subramaniam
The Enforcement Directorate (ED) on Saturday said it has arrested a Kolkata-based businessman under the anti-money laundering law for allegedly defrauding the State Bank of India to the tune of ₹95 crore.
Kaushik Kumar Nath was arrested on March 30 and remanded to ED custody till April 10 by a Prevention of Money Laundering Act (PMLA) court in Kolkata, the agency said in a statement.
It said that Nath availed credit facilities from the State Bank of India (SBI) by submitting “forged and fabricated” documents.
It added, “The funds received in the name of credit facilities were withdrawn in cash and used for purposes other than those for which they were sanctioned.”
The ED said that the country’s largest lender SBI was defrauded to the tune of about Rs 95 crore.
The money laundering case against Nath stems from at least four FIRs and a charge sheet filed by the Central Bureau of Investigation (CBI) besides a case filed against him by the Mumbai Police Crime Branch.
“Nath was repeatedly changing his identity and cheating banks. Recently, he had shifted his base to Mumbai and indulged in such criminal activities there,” the ED said.
The agency said immovable assets worth ₹3.68 crore have also been attached in this case.