The Enforcement Directorate (ED) on Saturday said it arrested a Kolkata-based businessman under the Anti-Money Laundering Act for defrauding the State Bank of India (SBI) to the tune of Rs 95 crore. Kaushik Kumar Nath was arrested on March 30 and remanded to ED custody till April 10 by a special Prevention of Money Laundering Act (PMLA) court in Kolkata, the agency said in a statement.
The statement said Nath availed credit facilities from the State Bank of India (SBI) by submitting “forged and fabricated” documents. It said, “The funds obtained in the guise of credit facilities were withdrawn in cash and used for purposes other than those for which the loan was sanctioned.”
The ED said that the country’s largest bank SBI was cheated of about Rs 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 this, it has also taken cognizance of a case registered against him by the Mumbai Police Crime Branch.
The ED said, ‘Nath was repeatedly changing his identity and cheating the banks. Recently he had shifted his base to Mumbai and continued to indulge in such criminal activities there. The agency said immovable assets worth Rs 3.68 crore have also been attached in this case.
