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Debabrata Haldar was arrested on Wednesday and produced before a special Prevention of Money Laundering Act (PMLA) court that sent him to 10-day ED custody.
“Haldar, one of the main conspirators of the scam, acted as a middleman and main beneficiary of the whole scam…. The accused acquired movable and immovable properties out of the proceeds of crime,” the ED alleged.
It said Haldar was non-cooperative and evasive during questioning and did not divulge any relevant information, hence was arrested.
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The ED case is based on a FIR of the West Bengal Police CID where a total loss of Rs 173.50 crore was alleged to have been caused to NSIC.
According to the police FIR, an alleged criminal conspiracy was perpetrated by submitting bank guarantees of either un-connected entities or those purported to be issued by various branches of the erstwhile United Bank of India, Kolkata and this came to light when these were enforced by NSIC.
“The funds of NSIC obtained under its RMA (raw material assistance) scheme were laundered/diverted through accounts of various fictitious supplier firms,” the ED said.
The RMA scheme aims to provide credit facilities to various needy MSMEs, it said.