Big fraud of Rs 95 crore from SBI, identity changed repeatedly, ED caught

Kolkata, A Kolkata businessman has been arrested under the Anti-Money Laundering Act for allegedly defrauding the State Bank of India (SBI) to the tune of Rs 95 crore. According to a news from the news agency PTI, the Enforcement Directorate (ED) has arrested the fraudster. Kaushik Kumar Nath was arrested on March 30 and the Prevention of Money Laundering Act (PMLA) court in Kolkata remanded him to ED custody till April 10, the agency said in a statement.

The accused said that he availed credit facilities from the State Bank of India (SBI) by submitting “forged and fabricated” documents. The complaint said that the funds received in the name of credit facilities were withdrawn in cash and used for purposes other than those for which they were sanctioned. At the same time, the ED said that the country’s largest lender SBI was cheated of about Rs 95 crore (95 Crore Fraud). A Kolkata-based businessman has been booked under the Anti-Money Laundering Act for allegedly defrauding the State Bank of India to the tune of Rs 95 crore.

The money laundering case against Nath stems from at least four FIRs and a charge sheet filed by the Central Bureau of Investigation (CBI), besides a case filed against him by the Mumbai Police Crime Branch. The ED told that Nath was repeatedly changing his identity and cheating the banks. Recently, he had shifted his base to Mumbai and was involved in such criminal activities there.

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Tags: Arrested, bank fraud, Bank Loan, Ed