The Enforcement Directorate (ED) on Wednesday said that they have provisionally attached movable and immovable assets worth Rs 2.30 crore in connection with a Prevention of Money Laundering case lodged against an ex-Allahabad Bank manager for allegedly cheating the Institution of Engineers (India).
Initially, a case was lodged by the Kolkata Police in 2020 under various sections of the Indian Penal Code against Samrat Paul, the then Bank Manager of Allahabad Bank (now Indian Bank), and others for allegedly cheating the Institution of Engineers (India).
The ED later initiated the money laundering probe on the basis of the FIR lodged by the Kolkata Police.
Paul, the then manager of the bank’s Bowbazar branch in Kolkata and others who allegedly cheated the institution by getting funds over Rs 35 crore transferred from the bank account of the institution in the name of creating fixed deposits and then providing forged fixed deposit receipts to the institution.
The ED learned in the investigation that after defrauding the institution, the said amount was transferred to various shell entities.
“These funds were then routed through these entities multiple times and then withdrawn in cash to conceal the original proceeds of the crime,” said an ED official.
After investigation, the ED has now attached proceeds of crime to the tune of Rs 1.98 crore and traced them to the bank account of ALL BK, a proprietorship firm without any legitimate business.
Further, one BMW car and two gold coins of 100 grams each — purchased from the cash obtained after laundering the money — were also been attached along with land and building situated in Palashipara, Nadia in the name of an NGO Satya Seba Sangha, a “direct” beneficiary of the cheating.
Further investigation into the matter is underway.