Kolkata, Oct 30 — The Enforcement Directorate on Friday was conducting search operations at multiple locations in West Bengal, in a bank fraud case worth Rs 280 crore.
It is alleged that money from a power plant in Jharkhand was laundered to Kolkata. ED had taken note of a chartered accountant in the Lake Town area in north Kolkata for allegedly opening shell companies and committing corruption worth crores of rupees.
Besides Kolkata, the raid is also underway in Uttarpara in Hooghly district, Asansol in West Burdwan district and in Howrah.
ED officials entered the house of Sudipto Ghosh, a resident of Shibtala Street in Uttarpara, this morning. The ED investigation team was accompanied by central forces personnel. Sudipto Ghosh is a chartered accountant by profession. The family is being questioned, and their house is being searched.
Ghosh, however, has said that he has no connection with the corruption case. The investigators have taken permission for the probe, and he is cooperating with the central investigation agency.
ED officials have also raided the house of Chartered Accountant (CA) Ashok Sarathi in the elite Avni Oxford (Phase 1) housing complex in Lake Town. A vigorous search operation and interrogation were being conducted there since morning under the strict guard of the central forces.
According to sources in the investigating agency, the search is being conducted on charges of embezzlement and money laundering of money taken from the bank in the name of building a power project or power plant in Jharkhand. The name of the main private company under investigation is Kohinoor Power Private Limited (KPPL). The CA is accused of taking a loan from the bank on the pretext of setting up a 66 MW power plant in Jharkhand.
The amount of this loan taken from the bank consortium was about Rs 280 crore. It has been alleged that the money taken in the name of building a power plant was not used for the project but was embezzled through a web of shell companies. The officials believe that chartered accountant Ashok Sarathi has a major role in this financial scam.
Currently, in addition to questioning the chartered accountant inside the residence, the ED officials are searching for digital documents, bank accounts and various suspicious papers. It remains to be seen what other information comes to light at the end of the investigation.
According to the ED, the investigation was initiated on the basis of the complaint filed by the Serious Fraud Investigation Office (SFIO) before the Ld. 2nd Special Court, Kolkata, in respect of the affairs of Kohinoor Power Private Limited (KPPL) and others.
An investigation into the affairs of the company was ordered by the Ministry of Corporate Affairs (MCA) pursuant to the Insolvency and Bankruptcy Board of India (IBBI) forwarding a list of companies in respect of which the Resolution Professional (RP) had filed applications before the NCLT concerning avoidance transactions.