CA arrested in an alleged involvement in Bank Fraud case

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The Enforcement Directorate (“ED”) on August 13, 2021 has arrested a Delhi based Chartered Accountant Raman Bhuraria (“the Accused”) for “assistance and complicity” in an alleged Bank Fraud case amounting to approximately Rs. 3269 Crore after he was produced before a special Prevention of Money Laundering Act (“PMLA”) Court.

The case under money laundering has been registered on the basis of a First Information Report (“FIR”) registered by the Central Bureau of Investigation (“CBI”) against Shakti Bhog Foods Limited and others on the charges of criminal conspiracy, cheating and criminal misconduct.

The ED in its statement has mentioned the arrest to be in continuance of rejection of the Accused’s anticipatory bail along with searches at various locations conducted by the department. Also claims to have recorded various incriminating documents and digital evidence which were recovered.

Further, the ED has also mentioned that “Siphoning off the funds was being done through fictitious sale and purchase In the name of various dummy and other entities. The allegations against the arrestee include active assistance and involvement by way of round tripping through related entities.”

The Press Release can be accessed at: https://www.enforcementdirectorate.gov.in/Press_Release_Raman_Bhuraria_CA.pdf?p1=1217161629122425592

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