The Enforcement Directorate (ED) has arrested a key conspirator in the Rs 1,257-crore Syndicate bank (now Canara Bank) fraudulent loan case. The accused is a resident of Chandigarh and was produced before a special court in Jaipur.
He has been sent to 10-days police custody till October 25. During investigation, conducted by ED, it has been revealed that the accused was a key associate of Bharat bomb and he received around Rs 85 crore proceeds of crime generated out of the fraud.
The ED has attached various properties worth Rs 14.88 crore of the accused and his family. He allegedly received proceeds of crime in various bank accounts through a complex maze of transactions for placement, layering and integration of the tainted funds.
The ED’s Jaipur-based Zonal Office had initiated a money laundering investigation in the case against the officials of erstwhile Syndicate Bank and others under the Prevention of Money Laundering Act, 2002, based on the First Information Reports registered and charge sheet filed by the CBI.
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