The Enforcement Directorate (ED) has arrested chartered accountant Anant Agarwal in connection with a massive ₹1,460 crore UCO Bank money laundering scam. The case revolves around the use of shell companies and fraudulent transactions in Kolkata.
ED Arrests CA Anant Agarwal in ₹1,460 Crore UCO Bank Money Laundering Case
In a significant development, the Enforcement Directorate (ED) has arrested Kolkata-based chartered accountant Anant Agarwal under the Prevention of Money Laundering Act (PMLA) for his alleged role in the ₹1,460 crore UCO Bank scam. The arrest follows an elaborate probe into one of the largest financial frauds involving shell companies, fake invoicing, and bank fraud.
Shell Companies and Fake Trade Deals Uncovered
According to ED officials, Agarwal played a central role in facilitating financial irregularities through a network of shell entities. These firms were used to route illegal transactions, generate fictitious trade documents, and secure loans fraudulently from UCO Bank branches in Kolkata.
The probe has revealed that dozens of non-existent businesses were created and shown to have engaged in high-value trade, including import-export deals, which were completely fabricated. The aim was to inflate turnover and illegally siphon off bank loans.
ED Seizes Evidence During Raids
During multiple raids across Kolkata, investigators seized crucial documents, digital evidence, and statements from witnesses that linked Anant Agarwal to the conspiracy. Sources indicate that the transactions involved round-tripping of funds, diversion to personal accounts, and layering through offshore entities.
Who is Anant Agarwal?
A practicing chartered accountant with over a decade of experience, Agarwal allegedly used his professional knowledge to structure the laundering mechanism. His clients included some of the shell companies directly involved in the scam.
Impact on UCO Bank and Banking Sector
The revelation has once again raised serious concerns over weak audit systems and due diligence practices in Indian banking institutions. UCO Bank is conducting an internal probe, and senior officials are under scanner for potential complicity or negligence.
More Arrests Likely
The ED has hinted that this is just the tip of the iceberg and more arrests are expected in the coming days. The agency is coordinating with the Income Tax Department and the Ministry of Corporate Affairs for further scrutiny of company records.
