An Enforcement Directorate (ED) investigation against a Kolkata-based businessman, who is also wanted by Mumbai Police, has revealed that he allegedly duped the public sector State Bank of India (SBI) to the tune of around Rs 95 crore by availing loans against forged documents.
The investigation revealed that the accused had withdrawn the funds, received by way of credit facilities, but used them for purpose/s other than for which they were sanctioned, a source said.
Money-laundering probe based on CBI chargesheets
The money-laundering investigation against Kaushik K Nath is based on four first information reports / charge sheets against him by the Central Bureau of Investigation (CBI), the sources said.
Besides, during the investigation, the agency noted that Mumbai Police had also filed a case against him, the sources said. The ED arrested Nath on March 30.
Accused shifted base to Mumbai recently
“During investigation by ED Kolkata, another case registered by Crime Branch, Mumbai Police, came to the notice of the agency. The accused was frequently changing his identity and defrauding banks and had recently shifted his base to Mumbai,” a source said.
“The accused availed credit facilities from the SBI by submitting forged and fabricated documents. The SBI was cheated to the tune of around Rs 95 crore,” the source said.
The ED has identified several immovable properties allegedly acquired by the accused from the proceeds of crime. The agency has so far provisionally attached four of his properties, worth Rs 3.68 crore.