The Enforcement Directorate (ED) conducted a search on Tuesday of various commercial and residential premises of the Ghosh Brother group of companies located in Assam under the Prevention of Money Laundering Act (PMLA). He seized incriminated documents and unrecorded cash and gold jewelry worth Rs63 lakh.
In a statement, the managing director said: “The developer and director of the Ghosh Brother group of companies defrauded IDBI bank to the tune of Rs 124 crore, taking a loan based on false and fabricated documents.”
ED conducted a search operation on various commercial and residential premises of the Ghosh Brother group of companies located in the state of Assam under PMLA, 2002 and seized incriminated documents as well as cash and gold jewelry from ‘worth Rs. 63 lakhs.
– ED (@dir_ed) November 16, 2021
ED says: âThe ED’s money laundering investigation revealed that the Ghosh Brothers group of companies and their promoters and administrators Pranab Ghosh, Pratul Ghosh and Gita Rani Ghosh have embezzled some of the bank loan amounts. after having rotated between various accounts kept by the above entities with other banks to the accounts of other group companies as well as to unrelated parties.
âThe majority of the companies were registered at the same address as Ghosh Brothers Motors Pvt Ltd and turned out to be shell companies which were used to spin and divert loan proceeds,â the agency added.
Earlier in June this year, the Central Bureau of Investigation (CBI) filed a lawsuit against Guwahati-based Ghosh Brothers Automobiles and its promoters and directors in a bank fraud case worth Rs168 crore.
A spokesperson for CBI said the agency booked Pranab Kumar Ghosh, Pratul Kumar Ghosh, Gita Rani Ghosh and Prabir Kumar Ghosh, all promoters and directors of Ghosh Brothers Automobiles. In addition to the promoters and directors, the CBI also appointed Arunabha Chattopadhya, Chartered Accountant (CA), unknown bank officials and private individuals.
The official said the case was registered on the basis of an IDBI bank complaint for causing a loss of Rs 168.62 crore.
It was alleged that the term loan and cash credit facility were fraudulently sanctioned to the private company based in Guwahati to the tune of Rs64.67 crore from the Guwahati branch of IDBI bank for the purchase of vehicles.
It was further alleged that the accused had received a loan by submitting false documents and that the accused had also embezzled money for purposes other than those for which the loan had been sanctioned. , and thus caused a loss of Rs 168.62 crore as of January 31, 2021 to IDBI Bank.
As of July 1, 2020, the outstanding balance was Rs153.38 crore and the account became a non-performing asset (NPA) due to non-payment of contributions to IDBI Bank.