ED arrests bizman for Rs 200cr fraud

KOLKATA: Enforcement Directorate (ED) arrested a city based businessman for alleged fraud of around Rs 200 crore. The businessman Asish Jhunjhunwala was produced at the Bankshall Court on Friday and remanded to ED custody till November 25.

It had been alleged that Jhunjhunwala, owner of a steel manufacturer, had taken loan of huge amount from a nationalised bank through a cash credit account several years ago. But the money was allegedly siphoned off by Jhunjhunwala for other than the purpose it was sought for.

During 2017, CBI had registered a case against him. But Jhunjhunwala moved High Court and he was granted a stay as claimed by his lawyer. Later, ED registered a separate case against him.