The Directorate of Enforcement (ED), Kolkata Zonal Office, has filed a Prosecution Complaint (PC) under the Prevention of Money Laundering Act (PMLA), 2002, before the Special Court (PMLA), Kolkata on December 8, 2025.
The complaint names Prasenjit Das, proprietor of M/s P.K. Enterprises, along with Chandan Sarkar, Laltu Saha, and three others, for their alleged involvement in a bank fraud and money laundering case orchestrated by late Purnendu Das, proprietor of M/s K.P.S. Enterprise, in collusion with his son and associates.
The case involves fraudulent export transactions and diversion of bank credit facilities obtained for onion exports to Bangladesh.
Case Originated from CBI FIR into Loan Fraud
The ED initiated its probe based on an FIR filed by the Central Bureau of Investigation (CBI), BS&FC, Kolkata, under various sections of the Indian Penal Code (IPC), 1860.
According to the CBI’s findings, late Purnendu Das, through his proprietorship firm M/s K.P.S. Enterprise, availed a Packing Credit facility of ₹8 crore and a Foreign Bill Negotiation facility of ₹25 crore from the erstwhile Allahabad Bank (now Indian Bank) for onion exports to Bangladesh.
However, investigations revealed that the export documents and bills submitted by the firm were forged, causing a wrongful loss of ₹26.72 crore to the bank.
Forged Export Bills and Non-Receipt of Goods
The ED’s investigation established that sight bills under Letters of Credit (LCs) opened by various Bangladeshi banks and negotiated for M/s K.P.S. Enterprise by Allahabad Bank, amounting to ₹25 crore, had become overdue.
When Allahabad Bank demanded payment, the issuing banks in Bangladesh refused, citing non-receipt of goods as the reason. This confirmed that the alleged exports had never taken place, and the firm had misrepresented trade transactions to obtain and misuse export financing.
Diversion of Loan Funds to Personal and Linked Accounts
The probe revealed that Purnendu Das diverted substantial portions of the sanctioned loan amounts into the accounts of his son’s proprietorship firm, M/s P.K. Enterprises, as well as his personal accounts.
Funds were siphoned off using fictitious supplier transactions, and the accused issued 70 bearer cheques in the names of different suppliers, including self-payee cheques, to withdraw large sums in cash through employees of M/s K.P.S. Enterprise.
These cash withdrawals were used to disguise the trail of funds, making it difficult to trace the proceeds of crime (POC).
Earlier Attachment of ₹34.42 Lakh in Properties
As part of the ongoing probe, the ED had earlier issued a Provisional Attachment Order (PAO) under the PMLA, attaching five immovable properties valued at approximately ₹34.42 lakh.
These properties were identified as being purchased using the proceeds of the fraudulent transactions and are registered in the names of family members and associates of the accused.
The attached assets include residential plots and small commercial holdings believed to have been acquired through laundered funds originating from the bank fraud.
Money Laundering Through Layered Transactions
The ED’s financial analysis revealed a systematic layering process, where funds received under the guise of export financing were diverted across multiple accounts, including those of related firms and individuals.
These transfers were then withdrawn or reinvested to project the funds as legitimate business income, thereby concealing the illicit origin of the money.
Officials said the accused not only defrauded the bank but also misused India’s export finance system, which is designed to support genuine trade operations.
Further Investigation Ongoing
The ED stated that further investigation is ongoing to trace additional assets, identify foreign links, and determine whether proceeds were parked abroad through trade-based money laundering mechanisms.
Officials noted that the case highlights the growing trend of fake export documentation and fund diversion being used to defraud banks under the pretext of cross-border trade.
The agency reaffirmed its commitment to curbing financial frauds that undermine the integrity of India’s banking and trade finance systems.
