Rs 515-crore bank fraud case: ED begins investigation, files case under PMLA

Roy and Panja, who is said to be close to Chief Minister Mamata Banerjee, are the directors of computer company RP Infosystems, which had allegedly defrauded a consortium of 10 banks led by Canara Bank.

By: Express News Service

Kolkata | March 17, 2018 01:41 AM IST

1 min read

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The raids that began on February 15 are expected to continue on Sunday, ED officials said.

The Enforcement Directorate (ED) has started its probe into the Rs 515-crore bank fraud case in which Kolkata businessman Shibaji Panja and Kaustav Ray were arrested by CBI on Thursday. Sources said the ED had registered a case under Section 4 of Prevention of Money Laundering Act (PMLA) on March 9 and interrogated Panja and Ray as part of the investigation even before their arrests. While the CBI is also probing the case, ED will track the money trail.

Meanwhile, Panja and Ray were produced at a CBI special court on Friday and remanded to police custody for three days. Roy and Panja, who is said to be close to Chief Minister Mamata Banerjee, are the directors of computer company RP Infosystems, which had allegedly defrauded a consortium of 10 banks led by Canara Bank.

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