ED books city bizman in Rs 190 cr bank fraud

Kolkata: The Enforcement Directorate (ED) on Tuesday night arrested a Kolkata businessman from his residence in connection with a bank fraud case involving about Rs 190 crore. The accused, Harish Baghla, resides in a luxurious housing complex on

Jessore Road.

He allegedly obtained multiple loans from various banks by presenting 30 companies on paper. During scrutiny, banks found that most of these companies did not exist, raising suspicions that they were fake entities. It is also alleged that Baghla misappropriated the funds obtained through these loans. Several complaints regarding the matter had been lodged with the ED.

During the investigation, officials discovered suspicious financial transactions, prompting a raid at Baghla’s residence on Tuesday. Following the raid, he was arrested and is currently being questioned to determine why he floated the fake companies. The ED is also investigating whether Baghla has links to any hawala networks and whether the funds were siphoned abroad. The probe is ongoing