The Enforcement Directorate (ED) has filed a prosecution complaint before a special PMLA court in Kamrup (Metropolitan) against Ottis Associates Private Limited and its director Suresh Kumar Kashliwal in connection with an alleged bank fraud and money laundering case involving a private bank.
Legal Basis of the Complaint
The complaint has been filed under Section 44(1)(b) read with Section 45(1) of the Prevention of Money Laundering Act (PMLA), 2002, for offences defined under Section 3 and punishable under Section 4 and Section 70 of the Act.
“The ED initiated its investigation on the basis of an FIR registered by the Central Bureau of Investigation, Anti Corruption Bureau Guwahati. The CBI has filed a chargesheet against Suresh Kumar Kashliwal, Nirmala Devi Kashliwal and M/s Ottis Associates Pvt Ltd,” the ED statement read.
Details of the Fraud
As per the ED, the accused fraudulently obtained a cash credit facility of Rs 3 crore from a private bank in December 2009 by mortgaging three properties that had already been sold prior to the creation of the mortgage. The agency alleged that signatures of guarantors Rumi Jalan and Narayan Deka were forged on bank documents, including guarantee agreements and affidavits. It was further stated that the death of a guarantor Muli Devi Sarawgi was also kept hidden from the bank, and fabricated balance sheets showing inflated income were submitted to secure the loan.
Fund Diversion and Layering
Following the disbursal, the accused allegedly diverted the funds through nearly 36 vendor payments, thereby layering the proceeds of crime with legitimate business transactions to project them as untainted. The ED said the loan account was classified as a non-performing asset (NPA) in December 2013 and later declared fraudulent in June 2019, with the bank reporting a wrongful loss of Rs 8.62 crore, including interest.
“Although the accused person subsequently settled the principal outstanding of Rs 3.10 crore, the offence of money laundering is a continuing offence...,” the ED added.
