Under the Prevention of Money Laundering Act (PMLA), 2002, the Directorate of Enforcement (ED) has temporarily attached moveable and immovable assets worth Rs. 14.21 crore. In the instance of the NSIC Scam, the attached immovable assets include a flat, land, and office space worth Rs 11.59 crore while moveable assets are bank balances, shares, and mutual funds worth Rs 2.62 crore belonging to a middleman, supplier, and bank employee.
An investigation was initiated by the Enforcement Directorate (ED) based on an FIR filed by the CID of West Bengal. The inquiry revealed that NSIC/Bank incurred losses amounting to Rs 173.50 Crore under its Raw Material Assistance Scheme (RMA Scheme) due to a criminal conspiracy. This conspiracy involved the submission of Bank Guarantees (BGs) from unrelated entities and fake BGs purportedly issued by various branches of the former United Bank of India, Kolkata. The discrepancies came to light when NSIC enforced these guarantees. The RMA Scheme, designed to provide financial assistance to needy MSME enterprises, was exploited for fraudulent activities.
The funds acquired through NSIC’s RMA Scheme were illicitly diverted and laundered through the accounts of fictitious supplier firms. This operation was orchestrated with the active involvement of key figures, including Debabrata Halder (Middleman), Utpal Sarkar, and Rahul Paul (Beneficial Owner of fictitious MSME & Supplier firms), alongside officials from NSIC and the United Bank of India. In response to their alleged involvement, the Hon’ble PMLA Court issued Non-Bailable Warrants (NBWs) against Debabrata Halder, Utpal Sarkar, and Rahul Paul. Subsequently, all three individuals have been declared Proclaimed Offenders by the court.
Earlier in the inquiry, a comprehensive search was conducted on NSIC/UBI officers/officials, including persons such as Debabrata Halder, and incriminating papers were confiscated. Debabrata Halder was captured after the search and later sent to judicial detention.
On January 15, 2022, a Prosecution matter was formally filed under the Prevention of Money Laundering Act, 2002 (PMLA), and the Hon’ble Special Judge (PMLA), Kolkata, accepted and took cognizance of the matter. Notably, the Hon’ble Special Court PMLA, Calcutta has designated Debabrata Halder, along with Utpal Sarkar and Rahul Paul, as a proclaimed criminal, emphasizing the seriousness of their alleged participation in the case. More research is being conducted.
