Guwahati: Directorate of Enforcement (ED) has conducted searches at the residential and official premises of Subhra Jyoti Bharali, the Former MD of Industrial Co-operative Bank Limited (ICBL), under the Prevention of Money Laundering Act (PMLA), 2002.

The ED launched a money-laundering investigation against Subhra Jyoti Bharali and others on the basis of an FIR lodged by the Pan Bazar Police Station, Kamrup (M). Guwahati under various sections of the IPC. 1860, alleging that Subhra Jyoti Bharali had committed financial theft to the tune of Rs. 9.5 crore, causing commensurate unjust benefit to themselves.

During the course of the search, damning papers, including multiple sale deeds in relation to the proportions bought in the name of the accused's family members, and data of several bank accounts, were seized:

Further investigation is in progress