BIEO arrests proprietor of M/s Ghosh Brothers

HT Bureau
GUWAHATI, Oct 31: Police have arrested Pratul Kumar Ghosh, proprietor of M/s Ghosh Brothers, for fraudulently taking two loans from IDBI in respect to Krishi Vikash Yojana and Dairy Development amounting a total of Rs. 1 crore 10 lakh.
An FIR was lodged on August 13 last.
But instead of using the loan amount for the specific purposes for which these were granted, Ghosh utilised the amount for personal use thereby violating the terms of loan agreement.
Further, despite getting several reminders from the Bank, Ghosh failed to repay the loan amount.
On receipt of the FIR, Bureau of Investigation Economic Offences (BIEO) conducted a thorough investigation into the case and found sufficient evidence against Pratul Kumar Ghosh. Hence, he was arrested on Saturday from Bhangagarh and was produced at CJM court on Sunday for his alleged multiple misdeeds of financial fraud.
Investigation on the case is going on and BIEO has requested 7 days police custody.
He is also an accused of an NBFC related case (no. 05/2021 u/s 120(B)/ 420/ 406 r/w sec 4//5/6 of PC&MCS Act and sec 5 of APID Act, 2013) registered with BIEO, wherein huge amount of money was collected illegally as deposits from public and subsequently misappropriated.
He being director & proprietor of Ghosh Brothers Realtors Pvt ltd and Mapon Infracon Limited both registered at ROC Kolkata, issued several redeemable debentures in crores in the name of several schemes promising unrealistic high interest up to 60% per annum through Ghosh Brothers Realtors and various depository schemes promising similar very high interest through Maple Infracon Limited. Promised returns were never made to the majority of investors. He duped the gullible and innocent people of Assam of their hard earned money.
His actions were completely illegal since these companies had no requisite license or permission from RBI or SEBI.