The Directorate of Enforcement (ED), Kolkata Zonal Office, has filed a Prosecution Complaint against M/s PKS Limited and its director Swapan Kumar Saha, along with other individuals, under the Prevention of Money Laundering Act (PMLA), 2002. The complaint was filed on 10 February 2026 before the Ld. Chief Judge, City Session Court, Kolkata.
Simultaneously, the ED has provisionally attached immovable assets worth ₹2.43 crore as of 5 February 2026. Earlier, the agency had seized valuables including jewellery and other assets valued at ₹27.88 crore and froze the bank accounts linked to the accused.
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Background of Investigation
The investigation was initiated based on CBI, BS & FC, Kolkata FIR No. RCBSK2016E0008 (dated 23 September 2016) and Chargesheet No. 03/2018 (11 October 2018). The FIR alleged that PKS Limited, its related companies, and directors siphoned off loans received from Union Bank of India, diverting funds to sister concerns without any commercial rationale.
It was revealed that PKS Limited defaulted on repayment, resulting in Union Bank of India declaring the loans as NPA (Non-Performing Asset) on 30 June 2010. The outstanding loan amount at that time was ₹129.75 crore. The bank classified the account as fraudulent, citing fund diversion and other systemic manipulations.
Fake Stock and Inflated Export Orders
ED’s investigation found that PKS Limited and its directors fraudulently availed export-linked packing credit facilities by submitting false and inflated stock statements and inflated export orders. The packing credit funds were advanced to fictitious suppliers and later written off by the directors of PKS Limited, generating Proceeds of Crime in the process.
Integration of Illicit Funds into the Formal Financial System
The agency further revealed that PKS Limited projected these illicit proceeds as legitimate investments by diverting ₹18.90 crore into equity shares of related group companies at grossly inflated values during FY 2011-12, without any commercial justification.
The principal investment details are as follows:
Company Name No. of Shares Face Value (₹) Premium (₹) Total Investment (₹)
M/s Appollo Commercial Pvt Ltd 40,275 10 990 4,02,75,000
M/s Orient Exports Pvt Ltd 1,88,000 10 990 8,80,00,000
M/s Crescent Manufacturing Pvt Ltd 60,700 10 990 6,07,00,000
Total — — — 18,89,75,000
It was also revealed that the book value of shares in Crescent Manufacturing Pvt Ltd and Appollo Commercial Pvt Ltd during FY 2011-12 was ₹8.50 per share, while Swapan Saha purchased shares of Orient Exports Pvt Ltd at ₹10 per share in FY 2010-11.
Earlier Seizures and Account Freezing
During prior searches, ED recovered incriminating materials and seized gold, silver, and other valuables worth ₹12.67 crore.
Bank accounts were also frozen, including:
- M/s Orient Exports Pvt Ltd
- M/s Crescent Manufacturing Pvt Ltd
- M/s Appollo Commercial Pvt Ltd
The total frozen funds amounted to ₹15,21,87,311. Additionally, a factory of Crescent Manufacturing Pvt Ltd has been provisionally attached.
Ongoing Investigation
ED has clarified that the investigation remains active, and further attachments and legal action may be taken based on new evidence. The agency emphasized that such bank frauds and money laundering activities directly impact public interest and the trust in financial institutions.
The action against PKS Limited and its directors highlights ED’s proactive steps in tracing Proceeds of Crime generated through fake stock statements and inflated export orders. The provisional attachment and seizures signal that the agency remains firm and decisive in tackling all facets of money laundering and bank fraud.
About the author – Ayesha Aayat is a law student and contributor covering cybercrime, online frauds, and digital safety concerns. Her writing aims to raise awareness about evolving cyber threats and legal responses.
