The Enforcement Directorate (ED) has carried out search operations at various business and residential premises of Ghosh Brother Group of Companies across Assam. The seized assets are in the form of unaccounted cash and gold jewellery of Rs. 63 lakhs.
ED conducted the raids in Assam under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, and seized certain assets and incriminating documents.
Notably in June this year, the Central Bureau of Investigation (CBI) had conducted a raid at the residences of Ghosh Brothers owners at Spanish Garden and Manik Nagar in Guwahati. The CBI on June 2 said that it has registered a case against Ghosh Brothers Automobiles and its promoters and directors in a bank fraud case worth Rs 168 crore.
ED initiated the money-laundering investigation on the basis of FIR registered by CBI, BS&FC, Kolkata, under Section 120-B r/w 420, 468, 471 of IPC, 1860. Subsequently, five other FIRs have been registered against the other entities of Ghosh Brothers Group, on the basis of the complaint filed by the IDBI Bank.
“The Promoter/Director of Ghosh Brother Group of Companies defrauded the IDBI Bank to the extent of Rs.124 Crore, by taking a loan on the basis of fake and fabricated documents,” an official statement of the federal agency stated.
Money laundering investigation conducted by the ED revealed that Ghosh Brothers Group of Companies, Assam and its promoters/directors viz. 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.
The majority of the companies in Assam were registered at the same address of Ghosh Brothers Motors Pvt. Ltd. and found to be shell companies that were used to rotate and divert the proceeds of the loan, the release added. Further investigation is in progress.