In accordance with the Prevention of Money-laundering Act (PMLA), 2002, the Directorate of Enforcement (ED) has provisionally attached a piece of real estate worth Rs 2.37 crore that belonged to Karan Thakur’s wife in the case of the sanctioning and disbursement of loans to fictitious loanees on the basis of fraudulent documents from Punjab & Sind Bank.
On the basis of an FIR filed by Chandigarh Police under different sections of the IPC, 1860 against Karan Thakur and others, the ED opened a money laundering probe into him, a bank official, and others.
According to the ED investigation, Karan Thakur conspired with the bank manager at Punjab & Sind Bank’s Sector-24 branch in Chandigarh to approve and disburse loans to fictitious borrowers on the strength of fraudulent documents, resulting in a loss of Rs 24 crore for the bank and personal gain for the conspirators. The loan money was then dispersed to Karan Thakur, bank employees, and others after being physically taken out of the bank accounts using self-cheques.
According to the investigation conducted by the ED, Karan Thakur used the proceeds of crime produced by the approval and disbursement of loans in the name of bogus borrowers to purchase a residential property for Rs. 2.37 crore in the name of his wife. In light of this, the aforementioned immovable property, valued at Rs 2.37 crore, has been temporarily attached under PMLA. The probe is being expanded upon.
