PMLA case: ED arrests two former employees of Pen Bank

“The investigation has so far revealed that nearly 685 fake loan accounts were opened between 2001 to 2010. Total outstanding loans, for these fake loan accounts, at the time of closure of bank, were around Rs 774 crore. The siphoned off funds were either diverted through immovable properties or used to close old NPA accounts or taken out in cash, through cheque, DD discounting,” a senior ED officer said.

According to the ED, the embezzled funds were used to purchase more than 100 acres of land and other properties in the name of third parties. “We have already attached the properties, amounting to about Rs 22 crore,” the officer said.

“During the investigation, it has come out that Dharkar and Sharma are the main conspirators and also beneficiaries  of the criminal act of money laundering. They were arrested under PMLA charges. Further investigation is under progress,” a senior officer said.