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Money laundering investigation is initiated against Subhra Jyoti Bharali, says ED

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New Delhi: Enforcement Directorate, ED has provisionally attached the properties worth over 30 crore rupees belonging to the Managing Director of Industrial Co-operative Bank Ltd. (ICBL) Subhra Jyoti Bharali and his family members along with associates under the Prevention of Money Laundering Act (PMLA), 2002.

ED said that exorbitant amounts were credited in the accounts maintained in the names of Payment Collectors and Field Executives of ICBL in the guise of salary, incentive and traveling allowance. It said that the team initiated a money laundering investigation against Subhra Jyoti Bharali and others on the basis of an FIR registered by the Guwahati Police.

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