ED Conducts Searches at all premises of Managing Director of ICBL in Bank Fraud Case

ED Conducts Searches at all premises of Managing Director of ICBL in Bank Fraud Case The Enforcement Directorate (ED) conducted searches at the residential and official premises of Subhra Jyoti Bharali, the then Managing Director of Industrial Cooperative Bank Limited (ICBL), under the Prevention of Money Laundering Act (PMLA), 2002. ED initiated money laundering investigation against Subhra Jyoti Bharali and others, on the basis of FIR registered by the Pan Bazar Police Station, Kamrup (M), Guwahati under various sections of IPC, 1860, wherein it was alleged that Subhra Jyoti Bharali, with the help of some other senior officials of the Bank had allegedly committed financial misappropriation to the tune of Rs. 9.5 Crore, thereby has caused corresponding wrongful gain to themselves. During search operations, damning documents were seized, including many sale deeds for properties obtained in the names of the accused's family members, as well as details of several bank accounts. More research is being carried out.