New Delhi: A former branch manager of Patna-based Kotak Mahindra Bank was arrested by the Enforcement Directorate (ED) for alleged money laundering, the agency said on Tuesday.
The bank official named Sumit Kumar committed the alleged offence while being posted as Branch Manager in Patna’s Boring Road branch.
The investigation agency in its probe found his involvement in embezzlement of government funds for personal use. The agency in its probe revealed that the accused used to siphon off funds from government funds, thus cheating the state exchequer.
According to ED, Sumit Kumar abused his position for transferring funds illegally from government accounts and also had some accomplices working with him. The former bank manager used to transfer funds from the accounts of CALA Cum DLAO without the knowledge of signatory by forging documents and also signatures on the RTGS forms.
A detailed study of bank accounts revealed that Sumit & his wife had amassed huge wealth running into crores via fraudulent means.
He was arrested by the ED sleuths on July 10, 2023 and subsequently produced before the PMLA court. He was remanded to ED custody for 5 days.
The ED had initiated investigation in the case, on basis of the FIR registered by Patna Police under various sections of IPC, 1860. As per police FIR, 13 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). These funds were siphoned off into bank accounts of various shell/dummy entities.
