ED arrests Kolkata-based businessman for allegedly duping SBI of Rs 95 crore

New Delhi: The Enforcement Directorate (ED) has arrested a Kolkata-based businessman under the Anti-Money Laundering Act (PMLA) for allegedly duping the State Bank of India (SBI) of Rs 95 crore. Kaushik Kumar Nath was arrested on March 30 and remanded in ED custody till April 10 by a special Money Laundering Act court in Kolkata, the agency said in a statement.

The statement said Nath obtained credit facilities from SBI by submitting ‘fake’ documents. “The funds received under the guise of credit facilities were withdrawn in cash and were used for other purposes instead of the prescribed purposes,” the statement said. The ED said that there has been a fraud of about Rs 95 crore with SBI.