Directorate of Enforcement (ED) on Wednesday conducted several raids at the residence and official premises of Subhra Jyoti Bharali, the former Managing Director of Industrial Co-operative Bank Limited (ICBL) in Assam, under the Prevention of Money Laundering Act (PMLA), 2002.
The ED initiated money laundering investigation against Subhra Jyoti Bharali and others, on the basis of an FIR registered at the Pan Bazar Police Station in Guwahati in Assam.
The FIR was registered under various sections of the Indian Penal Code (IPC), 1860. According to reports, Subhra Jyoti Bharali, with the help of some other senior officials of the bank had allegedly committed financial misappropriation to the tune of Rs. 9.5 crores.
During the search operations, incriminating documents including several sale deeds in respect to the properties acquired in the name of the family members of accused and details of various banks accounts have been seized.
Further investigation is underway into the case.
