New Delhi, Aug 28 (UNI) The Enforcement Directorate (ED) on Thursday said that they have arrested Harish Bagla, the Managing Director of Amrit Feeds Ltd (AFL), in a major money laundering case.
Bagla was arrested on August 26. He was produced before a Special PMLA Court, which remanded him to ED’s custody till August 30.
The ED-initiated PMLA investigation, initiated based on a complaint by the Serious Fraud Investigation Office (SFIO), revolves around allegations that AFL syphoned off bank loans and defaulted on repayments totalling Rs 144.68 crore, which were declared non-performing assets in 2015-16.
During search operations in Kolkata, the ED seized approximately Rs 57 lakh in cash. Officials also uncovered evidence of a complex network of shell entities, including numerous PAN cards, blank and signed cheque books, and property documents. The agency asserts that these shell companies purchased immovable properties to conceal the illegal funds. The investigation further revealed that Bagla was using multiple mobile numbers registered under fictitious names to evade law enforcement. The ED states that its investigation into the layering of the proceeds of crime is ongoing.
