ED Attached Immovable Properties worth Rs.65.67 Crore of Ghosh Brothers Group of Companies

Under the Prevention of Money Laundering Act (PMLA), 2002, the Enforcement Directorate (ED) has provisionally attached movable and immovable properties worth Rs.65.67 crore belonging to the Ghosh Brothers Group of Companies and its Promoters/Directors, namely Pranab Kumar Ghosh, Pratul Kumar Ghosh, Gita Rani Ghosh, and others.

The ED launched a money laundering investigation into the Ghosh Brothers Group of Companies and its Promoters/Directors based on a FIR filed by the CBI, BS&FC, Kolkata, in which a Charge-sheet was filed before the Special Judicial Magistrate, Guwahati, alleging that Ghosh Brothers Motors Pvt. Ltd. and its promoters/directors had defrauded IDBI bank to the tune of approximately Rs.37 crore. Further five FIRs were taken on record for investigation under the PMLA, 2002, against the various group companies of the Ghosh Brothers Group, four of which were registered by the CBI, ACB, Guwahati, and one by the Bureau of Investigation (Economic Offenses), Assam Police, as all the FIRs pertain to the same group and are germane to the same issue, namely, fraud reported by the IDBI Bank Ltd., and contain scheduled offences under the PMLA Act, 2002.

The promoters/directors of the Ghosh Brothers Group of Firms got a loan of Rs.125.74 crore from the IDBI Bank on the basis of fake and falsified documents in the names of numerous group companies, according to an investigation undertaken by the ED. The loan proceeds were also routed through different bank accounts held in the names of Ghosh Brother Group firms. The money from the loan was also redirected to Shri Pranab Kumar Ghosh’s family’s personal accounts. It is further disclosed that the promoters of the Ghosh Brothers Group have derived/acquired many immovable and movable properties in their names as well as in the names of Group entities from the abovementioned profits of crime. The ED identified and provisionally attached properties worth Rs.65.67 crore in the form of showrooms, residential flats, lands, and bank balances after following the required procedures.

It is also said that during the search operation conducted on the premises of Pranab Kumar Ghosh and his firms on November 15 and 16, 2021, Indian money worth Rs.41 lakh and jewellery worth Rs.22 lakh were confiscated.

More research is being carried out.