New Delhi: Enforcement Directorate on Thursday attached assets worth Rs one crore of a former official of Indian Bank in Andhra Pradesh in connection with its money laundering probe against him for allegedly defrauding his employer.
The case pertains to former Assistant branch Manager K Gunasagar who was posted in the Kuppam branch of the bank in Andhra Pradesh's Chittoor district.
Enforcement Directorate had some time back registered a case under Prevention of Money Laundering Act against the ex-banker. Bangalore
"Investigations showed that Gunasagar had fraudulently credited over Rs 2.23 crore from the bank to his eight loan accounts and subsequently transferred these amounts to accounts belonging to him and his family and laundered the amount by investing in online commodity trading.
"On detection of the fraud, Gunasagar repaid Rs 52,39,200 to the bank. The laundered proceeds of crime in the form of 4,319 sq feet of land at Amani village in Bangalore and an amount of Rs 5.27 lakh lying with a Chennai-based firm, both worth about Rs 1 crore was traced, and provisional attachment order is issued. Further investigation is under progress," the agency said in a statement.
