ED arrests Kolkata businessman from Jessore Road in 190 crore bank fraud case

Enforcement Directorate (ED) has arrested prominent Kolkata-based businessman Harish Baghla in connection with a massive bank fraud case amounting to approximately Rs 190 crore. The arrest was made following an overnight raid at his upscale residential complex on Jessore Road. This action is part of a wider investigation into a sophisticated financial crime network.

Harish Baghla is accused of orchestrating a large-scale fraud by obtaining substantial loans from multiple banks. The central allegation against him is that he created around 30 shell companies, most of which are believed to be fake, to facilitate these illicit transactions. The funds received from these loans were allegedly misappropriated and misused, resulting in significant losses to the banks involved.

The investigation into the case has been ongoing for some time, with the ED gathering critical intelligence and evidence related to Baghla's financial activities. The raid on his residence on Tuesday night was the culmination of this intelligence-gathering process, leading to his immediate arrest on the premises.

ED officials have begun an intensive interrogation of Baghla to uncover the full scope of the fraud. The primary focus of the questioning is to understand the purpose behind the creation of the numerous fake companies and to identify any other individuals or entities that may have been involved in the fraudulent scheme. The agency is also looking into how the misappropriated funds were utilized.