ED attaches properties worth Rs 30.50 cr of former Assam bank officer who 'siphoned off' funds

The Enforcement Directorate (ED) has provisionally attached properties worth Rs 30.50 crore belonging to a former managing director of Industrial Co-operative Bank Limited (ICBL) and his family after investigation revealed that he had siphoned off over Rs 30 crore.

The movable and immovable properties of Subhra Jyoti Bharali, companies beneficially owned by him, his family members and associates were attached under the Prevention of Money Laundering Act, 2002. Bharali hails from Guwahati.

"Investigation revealed that exorbitant amounts were credited in the accounts maintained in the names of Payment Collectors & Field Executives (PCs & FEs) of the bank in the guise of salary, incentive and travelling allowance. All the accounts maintained with ICBL in the names of PCs & FEs were operated by Subhra Jyoti Bharali and a substantial part of the amount received as salary, incentive and travelling allowance in the accounts of PCs & FEs of ICBL, was misappropriated either by the way of cash withdrawal or by transfer to the accounts maintained in the names of entities/family members/accomplices/mules, beneficially owned, controlled & operated by Bharali," ED said in a statement on Monday.

It said further an amount of Rs 4.5 crore was siphoned off from the ICBL by disbursing Overdraft loan/vehicle loan/plant and machinery loan in the names of 11 unworthy creditors.

"Further, a part of the loan amount being sanctioned to the Self Help Groups (SHGs) by the ICBL was collected as fixed deposit in 'Asomi Thrift & Credit Co-operative Society Ltd. (ATCCSL)'. Entire proceeds of these amounts were siphoned off and utilized by Bharali. By way of commission of scheduled offence, proceeds of crime of around Rs 30 crore were generated by Subhra Jyoti Bharali & others," it said.

Further, the proceeds of crime were integrated into the financial system by way of infusing the majority of the proceeds in Sashi Kumar Tea Company Pvt. Ltd. A part of the proceeds of crime was also utilised in acquisition of immovable properties in the names of family members of Subhra Jyoti Bharali. Movable properties totalling 87,70,000 shares of SKTCPL and corresponding/ proportionate immovable properties of a tea estate at Simlitola in Goalpara owned by SKTCPL and agricultural land at Rani in Kamrup district worth Rs 30.5 crore were identified and provisionally attached by the ED.

The ED started investigation on the basis of an FIR registered by the Panbazar police station in Guwahati under various sections of IPC and another FIR registered by the Bureau of Investigation (Economic Offences), Assam police, against Bharali.