Kolkata man arrested for defrauding SBI of Rs 95 cr

In a shocking incident, a Kolkata-based businessman was arrested by the Enforcement Directorate (ED) under the anti-money laundering law for allegedly cheating the State Bank of India (SBI) of Rs 95 crore.

On March 30, a special Prevention of Money Laundering Act (PMLA) court sent Kaushik Kumar Nath to ED custody till April 10, the agency said in a statement.

Nath used "forged and fabricated" documents to obtain credit from the State Bank of India, news agency PTI reported.

"The funds received in the guise of credit facilities were withdrawn in cash and used for purposes other than (those) for which they were sanctioned," it said. The ED claimed that SBI was defrauded to the tune of around Rs 95 crore.

The money laundering case came to light after the Central Bureau of Investigation (CBI) filed four FIRs and charge sheets filed against Nath apart from a case filed against him by the Mumbai Police Crime Branch.

"Nath was frequently changing his identity and defrauding banks. Recently, he had shifted his base to Mumbai and engaged in such type of criminal activities there," the ED said.

Immovable assets worth Rs 3.68 crore have also been attached in this case, according to the CBI.

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