The Enforcement Directorate (ED) on Tuesday said it has arrested the then Branch Manager of Kotak Mahindra Bank, Boring Road in Patna, in connection with a money laundering case.
The arrested individual has been identified as Sumit Kumar.
The ED initiated an investigation under the PMLA based on an FIR registered by Patna Police under various sections of the IPC.
It was alleged in the FIR that “thirteen fraudulent transactions amounting to Rs 31.93 crore were executed from the Bank Accounts of Competent Authority of Land Acquisitions cum District Land Acquisition Officer (CALA Cum DLAO) and the funds have been siphoned off using bank accounts of various shell/dummy entities”.
“An investigation carried out under the provisions of PMLA, revealed that Kumar, in connivance with his accomplices, managed to get the funds transferred from the accounts of CALA Cum DLAO without the knowledge of signatories by forging documents and also signatures on the RTGS forms. He misused his position in getting the payments cleared without due verification.
“Further, analysis of the bank accounts in the name of Kumar and his wife revealed transactions running into crores which are apparently disproportionate to their source of income and inconsistent with their profile,” an official said.
The ED said that Kumar had been instrumental in siphoning off funds from government accounts and causing the loss of huge public money.
Taking into account his key role in the fraud, he was arrested by the ED.
He was later presented at a special PMLA court which sent him to five-days ED custody.
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