10 September 2024

On September 6, 2024, the Directorate of Enforcement (ED) in Kolkata conducted a search at the residential and office premises of M/s PKS Limited under the Prevention of Money Laundering Act (PMLA), 2002. This action followed a CBI FIR related to a bank fraud case involving over Rs. 125 crore.

The ED's investigation revealed that M/s PKS Limited and its directors—Swapan Kumar Saha, Narayan Chandra Saha, and Gopal Saha—fraudulently obtained a credit facility of Rs. 154.64 crore from Union Bank of India by concealing crucial information. The company defaulted on the loan, turning it into a Non-Performing Asset (NPA) by June 30, 2010, leading to a loss of approximately Rs. 129.75 crore for the bank and a corresponding gain for the company and its directors.

During the search, the ED seized 9.2 kg of gold jewelry and 165.2 carats of diamonds from Swapan Kumar Saha’s residence, valued at around Rs. 6.56 crore. They also froze Rs. 10.3 crore in bank accounts linked to Saha’s companies and seized Rs. 10 lakh in cash from his residence. The total seizure amounted to approximately Rs. 16.96 crore. Additionally, the ED identified immovable properties worth around Rs. 15 crore belonging to M/s PKS Limited and its associated individuals.