ED Attached Assets Worth Rs 2.37 Crore of Bank Official for disbursing loans to the fictitious loanees on the basis of fraudulent documents

In the case of sanctioning and disbursing loans to fictitious loanees on the basis of fraudulent documents from Punjab & Sind Bank, the Enforcement Directorate (ED) has provisionally attached an immovable property worth Rs 2.37 crore belonging to Karan Thakur’s wife under the Prevention of Money-laundering Act (PMLA), 2002.

On the basis of an FIR registered by Chandigarh Police under various sections of the IPC, 1860 against Karan Thakur and others, the ED launched a money-laundering inquiry.

The ED investigation revealed that Karan Thakur, in collusion with the Bank Manager, Punjab & Sind Bank, Sector – 24, Chandigarh branch, obtained loan sanction and disbursement to fictitious loanees on the basis of fraudulent documents, resulting in wrongful loss to the bank of Rs 24 Crore and wrongful gain to themselves. The loan money was then taken in cash from the bank accounts using self-cheques and distributed to Karan Thakur, a bank official, and others.

The ED investigation further found that Karan Thakur purchased a residential residence worth Rs. 2.37 crore in the name of his wife using Proceeds of Crime earned from the approval and disbursement of loans in the names of bogus loanees. As a result, the aforementioned immovable property worth Rs 2.37 crore has been provisionally attached under the PMLA.