Editor's NoteThis story highlights the ongoing efforts by Indian financial agencies to combat large-scale economic offenses and recover public funds lost to fraud.
Major Bank Fraud Case Sees ED Charges in Kolkata
The Enforcement Directorate (ED) in Kolkata has officially brought charges against six individuals in connection with a substantial bank fraud and money laundering scheme. The case, involving a staggering sum of ₹26.7 crore, has been filed before a special court dedicated to cases under the Prevention of Money Laundering Act (PMLA) of 2002. This significant legal action targets those allegedly involved in defrauding a public sector bank through an intricate web of illicit financial activities.
Among those accused in the prosecution complaint are Prasenjit Das, who heads P.K. Enterprises, alongside Chandan Sarkar, Laltu Saha, and three other unnamed individuals. The investigation revealed that the primary architect of this complex financial crime was Prasenjit Das's late father, Purnendu Das, who operated M/s K.P.S. Enterprise. The charges indicate a continuing pattern of money laundering that extended beyond the initial orchestrator.
Elaborate Scheme to Defraud Bank Uncovered
Details released by the ED describe how the fraud was meticulously carried out. Purnendu Das, through his firm M/s K.P.S. Enterprise, secured substantial credit facilities from what was then Allahabad Bank (now Indian Bank). These included an ₹8 crore 'Packing Credit' and a ₹25 crore 'Foreign Bill Negotiation' facility, purportedly for the export of onions to Bangladesh. However, investigators found that these transactions were underpinned by forged export documents, leading to a direct loss of ₹26.72 crore for the bank.
Further scrutiny by the ED uncovered that a significant portion of the ₹25 crore in export bills, which were supported by Letters of Credit from Bangladeshi banks, remained unpaid long after their due dates. This failure to receive payments raised immediate red flags. Critically, the probe also exposed a deliberate diversion of the loan proceeds by the elder Das. These funds were illicitly transferred into bank accounts belonging to his son's business, P.K. Enterprises, and various personal accounts, effectively siphoning off the money intended for legitimate trade.
Cash Withdrawals and Property Attachments
The investigation also brought to light a scheme for systematically withdrawing cash from the illicit proceeds. Purnendu Das reportedly issued 70 bearer cheques in the names of different supposed suppliers of goods, including himself. These cheques were then cashed through employees of M/s K.P.S. Enterprise, allowing for the widespread circulation of laundered money. In a related action earlier in the case, the ED had already provisionally attached five immovable properties valued at ₹34.42 lakh, underscoring the efforts to recover assets linked to the crime and strengthen the evidence against the accused.
Curated by Shiv Shakti Mishra
