Bank loan

Bank loan fraud: ED raids Guwahati’s Ghosh Brothers group

New Delhi: The Enforcement Directorate (ED) said on Tuesday it raided the premises of the Ghosh Brothers group of companies, a leading trading group with several car dealerships in Guwahati, in connection with a related money laundering investigation to an alleged fraud on a bank loan against him.

Cash and jewelry worth Rs 63 lakh were seized by the federal investigative agency under the provisions of the Prevention of Money Laundering Act (PMLA), he said in a statement.

The money laundering case was filed by the ED after investigating several CBI FIRs against Guwahati’s Ghosh Brothers group and at least five related entities after a complaint was sent by IDBI bank to the CBI.

“The promoter / director of the Ghosh Brothers group of companies defrauded IDBI bank to the tune of Rs 124 crore by taking out a loan on the basis of forged and false documents,” said the managing director.

He said the group and its promoters and administrators such as Pranab Ghosh, Pratul Ghosh and Gita Rani Ghosh had “embezzled” part of the bank loan amounts after transferring the money between various accounts they held with others. banks to the accounts of other group companies. as to unrelated parties.

“The majority of the companies were registered at the same address as Ghosh Brothers Motors Pvt Ltd and turned out to be shell companies which were used to spin and divert loan proceeds,” the agency said.

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