Indian AML watchdog ED Attached Assets worth 1 Crore belonging to Bedabyas Barik and his wife Sarmila Panda under the provisions of PMLA, 2002 in a case involving cheating and fraud. Under the terms of the PMLA, 2002, the Directorate of Enforcement (ED) has temporarily attached moveable and immovable property worth Rs. 1.05 crore that belongs to the accused, Bedabyas Barik, and his wife Sarmila Panda, in a case involving fraud and deceit.
Who is Enforcement Directorate?
The Enforcement Directorate is regarded as the law enforcement agency and also it is an intelligence agency that is wholly liable for taking the financial as well as the economic crime that took place in India.
Understanding Bedabyas Barik Case
On the basis of an FIR filed by ACB, CBI, Bhubaneswar under different provisions of the Indian Penal Code, 1860, and Sections 13(2) r/w 13(1) (d) of the Prevention of Corruption Act, 1988, ED opened a money laundering probe. The case was filed against Bedabyas Barik, the former head cashier at Bank of Maharashtra, Cuttack, who is accused of defrauding Sukanti Barick without Bijaya Ketan Barick, a resident of Delhi, of 4.78 crore rupees under the guise of investing her money in several Bank of Maharashtra investment schemes. The properties are eight bank account balances, four land parcels, and one apartment in Bhubaneswar and Cuttack.
Conclusion
The results of the PMLA investigation showed that Bedabyas Barik defrauded Sukanti Barick, the complainant, of approximately Rs. 4.78 Crore (including interest) between the years of 2008 and 2012 by abusing his official position and turning to a forgery/criminal breach of trust in the matter relating to investments in the schemes of recurring deposit (RD) and fixed deposit (FD).
Barik provided fake RD receipts / FDRs in place of the money received from the complainant As a result, under Section 5 (1) of PMLA, 2002, the properties purchased by the accused using proceeds of crime and identified by the investigation have been attached. Further investigation is under progress.
