ED Files Prosecution Complaint against Amrit Feeds Ltd. and Harish Bagla in ₹144.68 Crore Bank Fraud Case.

The Enforcement Directorate (ED), Kolkata, has filed a Prosecution Complaint (PC) under the Prevention of Money Laundering Act, 2002, against M/s Amrit Feeds Ltd. (AFL), its promoter and Managing Director Harish Bagla, and others, for their alleged involvement in laundering funds obtained through a ₹144.68 crore bank fraud. The case arises from allegations of siphoning bank loans intended for business use, diversion of funds through shell entities, and acquisition of immovable assets for personal benefit. The ED has also attached assets worth ₹10.44 crore and frozen ₹5.46 crore of bank balances, with the main accused currently in judicial custody.

• The ED initiated investigation based on a complaint filed by the Serious Fraud Investigation Office (SFIO) in Company Case No. 04/2024, dated 22 March 2024, against AFL, its related entities, and its directors.

• AFL had availed loans from Axis Bank, Punjab National Bank, Bank of India, and HDFC Bank, which turned non-performing during FY 2015–16.

• The outstanding loan amounts were ₹93.62 crore (term loan) and ₹51.06 crore (cash credit), totaling ₹144.68 crore.

• It was alleged that the company diverted loan funds through several shell companies, routing money for personal gain and property purchases under related entities.

• ED conducted searches on 26 August, 3 September, and 4 September 2025, seizing valuables and freezing bank accounts with balances totaling ₹5.46 crore.

• Harish Bagla, the Managing Director of AFL, was arrested on 26 August 2025 and remains in judicial custody.

• The investigation revealed that AFL and its promoters defrauded multiple banks by misusing loan funds not for their sanctioned purposes but for personal enrichment and investment in related entities.

• The proceeds of crime (POC) were layered through a network of shell companies to conceal their illicit origin, demonstrating a complex money-laundering mechanism.

• The ED provisionally attached immovable properties worth ₹10.44 crore under Section 5(1) of the PMLA through a Provisional Attachment Order dated 22.10.2025.

• The financial trail exposed a web of transactions linking the accused to several associated firms that facilitated fund diversion and laundering.

• The ED confirmed that AFL’s promoters and family members used siphoned funds for purchasing assets and transferring money into their personal accounts.

• Sections 3 & 4, Prevention of Money Laundering Act, 2002 (PMLA): Offence and punishment for money laundering.

• Section 5, PMLA: Provisional attachment of proceeds of crime.

• Section 44, PMLA: Cognizance of offences and filing of Prosecution Complaint before the designated court.

• Section 173, Code of Criminal Procedure, 1973: Provisions relating to the filing of final report and prosecution.

• The Prosecution Complaint has been filed before the Chief Judge, City Sessions Court, Kolkata, marking a major step in ED’s ongoing probe into the ₹144.68 crore fraud.

• The case remains under further investigation to trace additional proceeds of crime and identify other individuals or entities involved in fund diversion and layering.

Citation: Press Release, Directorate of Enforcement, Kolkata Zonal Office

Case: Directorate of Enforcement (ED) vs. M/s Amrit Feeds Ltd. (AFL) & Ors.

Court: Chief Judge, City Sessions Court, Kolkata

Date of Filing: 23 October 2025

Date of Press Release: 31 October 2025

Law Involved: Prevention of Money Laundering Act, 2002 (PMLA)

Provisional Attachment Order: Dated 22 October 2025 — Immovable property worth ₹10.44 Crore