On June 22, 2022, the Directorate of Enforcement (ED) detained Subhra Jyoti Bharali, the former managing director of Industrial Co-operative Bank Ltd.
The Panbazar Police Station in Guwahati filed an FIR against Subhra Jyoti Bharali, the former managing director of Industrial Co-operative Bank Ltd., and others for financial misappropriation of the bank’s funds, which served as the foundation for the current money laundering case.
In the course of an investigation conducted in accordance with the provisions of the PMLA, it was discovered that Subhra Jyoti Bharali had abused his official position while serving as the managing director of Industrial Co-operative Bank Ltd. He had taken money from the bank totalling approximately Rs. 9.51 crore by pretending to pay travel expenses to the bank’s payment collectors and field executives and by claiming other expenses that had not been incurred. He was detained by ED as a result of his involvement in the money laundering offence and his refusal to cooperate with the PMLA investigation.
On June 23, 2022, Subhra Jyoti Bharali was brought before the Hon’ble Special PMLA Court. After hearing from the parties, the Hon’ble PMLA Court granted the Enforcement Directorate seven days of custody of the accused. There is still work being done on this case’s investigation.
