ED provisionally attached assets worth Rs. 14.21 Crore under PMLA in NSIC Scam

The Directorate of Enforcement (ED) has provisionally attached movable and immovable assets worth of Rs. 14.21 Crore under Prevention of Money Laundering Act (PMLA), 2002.

The attached immovable assets are in the form of flat, land and office space valued at Rs. 11.59 Crore and movable assets in the form of bank balances, Shares and Mutual funds worth Rs. 2.62 Crore belonging to Middleman, supplier, Bank employee in the case of NSIC Scam.

The ED launched an investigation based on a FIR filed by the West Bengal CID.

Losses of Rs 173.50 Crore to NSIC/Bank lent under its Raw Material Assistance Scheme (RMA Scheme) through criminal conspiracy by submitting Bank Guarantees (BGs) of other unconnected entities and fake BGs purportedly issued by various branches of the erstwhile United Bank of India, Kolkata, which came to light when these were enforced by NSIC.

The RMA initiative was designed to give financing to various needy MSME enterprises. The funds obtained by NSIC through its RMA Scheme were laundered/ diverted through the accounts of various fictitious supplier firms with the active participation of Debabrata Halder (Middleman), Utpal Sarkar, and Rahul Paul (Beneficial Owner of fictitious MSME and Suppler firms), as well as the then-officials of NSIC and United Bank of India.

The Hon’ble PMLA Court previously issued Non Bailable Warrants (NBWs) against Debabrata Halder, Utpal Sarkar, and Rahul Paul, and all three accused persons have now been deemed Proclaimed Offenders.

Earlier during investigation:

• Search was conducted on officers/officials of NSIC/UBI along with middleman like Debabrata Halder and incriminating materials were seized.
• Debabrata Halder was arrested and sent to judicial custody.
• Prosecution Complaint under PMLA, 2002 was filed on 15/01/2022 and cognizance for the same has taken by the Hon’ble Special Judge (PMLA), Kolkata.
• Debabrata Halder, Utpal Sarkar, and Rahul Paul have also been declared as proclaimed Offender by the Hon’ble Special Court PMLA, Calcutta.

More research is being conducted.