In accordance with the Prevention of Money Laundering Act (PMLA), 2002, the Directorate of Enforcement (ED) searched Subhra Jyoti Bharali’s home and workplace. Bharali was the then-Managing Director of Industrial Cooperative Bank Limited (ICBL).
On the basis of an FIR filed by the Pan Bazar Police Station, Kamrup (M), Guwahati under various sections of the IPC, 1860, where it was alleged that Subhra Jyoti Bharali had allegedly committed financial misappropriation to the tune of Rs. 9.5 Crore, with the assistance of some other senior officials of the Bank, and had thereby caused corresponding wrongful gain to themselves, the ED launched a money laundering investigation against Subhra Jyoti Bharali.
Incriminating papers, such as many sale deeds for properties bought in the names of the accused’s family members, as well as information on several bank accounts, were recovered during search operations. Further research is now being conducted.
