Patna: In a significant development, the Enforcement Directorate (ED) conducted search operations on January 2, 2024, at three locations in Patna, including residential and business premises associated with M/s Mohan Alankar Jewellers and Co. The move came under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, shedding light on a complex web of financial deceit.
Kotak Mahindra Bank Fraud: Unraveling the Scheme
The investigations by ED were initiated based on an FIR registered by Gandhi Maidan P.S. Patna, invoking various sections of the IPC, 1860. A subsequent charge sheet alleged fraudulent transactions amounting to a staggering Rs. 31.93 Crore from the bank account of the Competent Authority for Land Acquisition (CALA) cum District Land Acquisition Officer (DLAO). The funds were purportedly siphoned off using bank accounts of several shell/dummy entities, resulting in a substantial loss to the government exchequer.
According to ED findings, out of the total fraudulent transactions, approximately Rs. 5.34 Crore were transferred from the government account to the bank account of M/s Mohan Alankar Jewellers and Co., held at Kotak Mahindra Bank’s Boring Road Branch in Patna. This revelation has brought the focus onto Sourav Kumar, who is identified as managing and overseeing all business activities of the firm.
Sourav Kumar’s Role in the Fraudulent Scheme
ED’s investigation goes on to assert that Sourav Kumar actively conspired and assisted the accused in siphoning off government funds and possessing a portion of the ill-gotten gains. This not only highlights the complexity of the financial fraud but also underscores the depth of involvement of key individuals in executing the scheme.
Arrest and Judicial Proceedings
Sourav Kumar, arrested on January 4, 2024, in connection with the Kotak Mahindra Bank fraud, was subsequently presented before the Hon’ble CJM Court, Patna. The court remanded him to Judicial Custody until January 12, 2024, marking a crucial step in the legal proceedings against those implicated in the case.
Search Operation Yield: Incriminating Details and Recovery
The search operations carried out by ED resulted in the acquisition of incriminating details and documents. Additionally, a significant recovery of proceeds of crime was made, totaling approximately Rs. 1.38 Crore. This recovery comprised a cash amount of Rs. 11,51,500 and jewelry worth Rs. 1.26 Crore, further substantiating the financial implications of the alleged fraudulent activities.
