The Enforcement Directorate (ED) today said it has arrested a Kolkata-based businessman under the anti-money laundering law for allegedly defrauding State Bank of India of ₹ 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.
Mr Nath, it said, availed credit facilities from State Bank of India (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“The funds received in the guise of credit facilities were withdrawn in cash and used for purposes other than (those) for which they were sanctioned,” it said.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 ₹ 95 crore.
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 ₹ 3.68 crore have also been attached in this case, the agency said.