ED files chargesheet, attaches Rs 10.44 cr property in Amrit Feeds Bank Fraud Case

The Enforcement Directorate (ED), Kolkata Zonal Office, on Friday said it has filed a charge sheet against Amrit Feeds Ltd. (AFL), its promoter Harish Bagla, and others in a bank fraud case. The federal agency has also attached immovable property valued at Rs 10.44 crore belonging to the accused.

The investigation was initiated based on a complaint filed by the Serious Fraud Investigation Office (SFIO) against AFL, its related companies, and its directors/promoters for siphoning off bank funds.

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According to the ED, AFL siphoned off loan funds and defaulted on repayments. The loans, obtained from Axis Bank, PNB, Bank of India, and HDFC Bank, turned into non-performing assets (NPA) during the financial year 2015-16. The total defaulted amount stands at Rs 144.68 crore, comprising Rs 93.62 crore in outstanding term loans and Rs 51.06 crore in cash credit facilities.

The ED’s investigation revealed that the accused entities defrauded the banks, as the loan funds were not used for their intended purposes. Instead, the money was laundered and diverted through a web of shell entities. These funds were used for investments in related companies, the purchase of immovable assets in the names of these entities, and were funneled into the bank accounts of promoter Harish Bagla and his family members for personal use.

The investigation further uncovered a series of financial transactions with several companies involved in layering the proceeds of crime generated by AFL.

Earlier, the ED conducted searches on August 26, September 3, and September 4, 2025, leading to the seizure of valuables and the freezing of bank balances amounting to Rs 5.46 crore. The agency also arrested Harish Bagla, the main promoter and Managing Director of Amrit Feeds Limited, on August 26, 2025. He is currently in judicial custody.

Further investigation into the matter is ongoing.