Loan fraud case: ED arrests Phagwara bank's senior manager
Jalandhar, May 18
The Enforcement Directorate (ED) on Tuesday arrested a Senior Manager of the Bank of Baroda, Phagwara, in a case under the Prevention of Money Laundering Act.
Accused bank official Kuldeep Singh was today presented in a court that remanded him in judicial custody.
The matter pertains to loan fraud case of January 2015. He is accused of getting passed 19 loans worth Rs 24 crore using forged documents in connivance with the bank staff.
The ED had filed a chargesheet against 14 persons, including Phagwara-based businessman Vikram Seth, his brother Suresh Seth and six other family members in the special PMLA court at Mohali.
A case was lodged by the Anti-Corruption Bureau in Chandigarh. The ED arrested Vikram on September 22 last year. His brother Suresh was arrested this February. It was found that he had used Rs 18.17 crore of the loan amount to invest in properties in Punjab and HP. Connecting the money trail, the ED found 42 such properties.
