The enforcement directorate (ED) on Tuesday carried out a search operation at various business and residential premises of Ghosh Brother Group of Companies situated in Assam under the Prevention of Money Laundering Act (PMLA). It seized incriminating documents and unaccounted cash and gold jewellery worth Rs63 lakh.
In a statement, the ED says, "The promoter and director of Ghosh Brother Group of Companies defrauded the IDBI Bank to the extent of Rs124 crore, by taking loan based on fake and fabricated documents."
ED says, "Money laundering investigation conducted by the ED revealed that Ghosh Brothers Group of Companies and its promoters and directors Pranab Ghosh, Pratul Ghosh and Gita Rani Ghosh diverted part of the bank loan amounts after rotating amongst various accounts maintained by the above entities with other banks to the accounts of other group companies as well as to unrelated parties."
"Majority of the companies were registered at the same address of Ghosh Brothers Motors Pvt Ltd and found to be shell companies which were used to rotate and divert the proceeds of the loan," the agency added.
Earlier in June this year, the Central Bureau of Investigation (CBI) had registered a case against Guwahati-based Ghosh Brothers Automobiles and its promoters and directors in a bank fraud case worth Rs168 crore.
A spokesperson for CBI had said that the agency had booked Pranab Kumar Ghosh, Pratul Kumar Ghosh, Gita Rani Ghosh and Prabir Kumar Ghosh, all promoters-directors of Ghosh Brothers Automobiles. Besides the promoters and directors, the CBI also named Arunabha Chattopadhya, chartered accountant (CA), unknown bank officials and private persons.
The official said that the case had been registered based on a complaint from IDBI Bank for causing a loss of Rs168.62 crore.
It was alleged that term loan and cash credit facility were sanctioned fraudulently to the private company based at Guwahati to the tune of Rs64.67 crore from IDBI Bank's Guwahati branch for purchasing vehicles.
It was further alleged that the accused availed loan by submission of false documents and also the accused indulged in diversion of money for the purpose other than for which the loan was sanctioned, and thereby caused loss of Rs168.62 crore as of 31 January 2021 to IDBI Bank.
As of 1 July 2020, the outstanding balance was Rs153.38 crore and the account became non-performing asset (NPA) due to the non-payment of dues to IDBI Bank.
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