The Directorate of Enforcement (ED) on Friday arrested Subhra Jyoti Bharali, the former Managing Director of Assam-based Industrial Co-operative Bank Limited in connection to a money laundering case.
The ED arrested Bharali on Wednesday due to his involvement in the offence of money laundering and his non-cooperation in the Prevention of Money Laundering Act (PMLA) investigation.
He was produced before a special PMLA court on Thursday which granted seven days’ custody of the accused to the ED.
The instant case of a money-laundering was initiated on the basis of a First Information Report registered by Guwahati’s Panbazar Police Station against Bharali and others for committing financial misappropriation of the funds of the bank.
In the investigation, it was revealed that Bharali had abused his official position and siphoned off the bank’s money to the tune of Rs 9.51 crores in the guise of paying travelling allowance to the Payment Collectors and Field Executives of the bank and by showing other expenses which was not actually incurred and used the proceed so generated for his personal gains.
