ED Files ₹26.7 Crore Money Laundering Prosecution in Kolkata Bank Fraud

Enforcement Directorate officials in Kolkata have filed a prosecution complaint in a ₹26.7-crore bank fraud case against proprietors of P.K. Enterprises and three others under the Prevention of Money Laundering Act (PMLA), 2002, at a special PMLA court in Kolkata. The case centers on fraudulent export documentation and systematic diversion of bank funds through a complex money laundering scheme that allegedly caused substantial losses to a major public sector bank.

Background and Context

The prosecution marks a significant development in the Enforcement Directorate's investigation into financial crimes involving export-oriented businesses. According to an official release from the Enforcement Directorate on December 10, 2025, authorities had previously attached five immovable properties worth ₹34.42 lakh in connection with this case. The investigation traces back to financial activities conducted by late Purnendu Das through his proprietorship firm M/s K.P.S Enterprise, which had secured substantial credit facilities from what was then Allahabad Bank (now merged into Indian Bank).

Key Figures and Entities

The prosecution complaint names Prasenjit Das, proprietor of P.K. Enterprises, Chandan Sarkar, Laltu Saha, and three others as accused in the money laundering case. According to ED investigators, the fraudulent scheme was orchestrated by Prasenjit Das's father, late Purnendu Das, who served as proprietor of M/s K.P.S. Enterprise. The investigation revealed that proceeds from the alleged fraud were diverted to accounts controlled by his son's business operations and personal accounts, establishing an intergenerational transfer of illicitly obtained funds.

Legal and Financial Mechanisms

The investigation uncovered a sophisticated scheme involving falsified export documentation and systematic fund diversion. According to the ED's official statement, late Purnendu Das obtained a Packing Credit facility of ₹8 crores and Foreign Bill Negotiation facility of ₹25 crore from the bank, ostensibly for exporting onions to Bangladesh. However, investigators found that export bills worth ₹25 crore, sent through Letters of Credit issued by Bangladeshi banks, remained unpaid when due. The scheme involved issuing 70 bearer cheques in the name of different goods suppliers, including himself, which were then cashed through employees of M/s K.P.S. Enterprise, creating a paper trail that obscured the ultimate destination of funds. The total loss attributed to the fraudulent activities amounts to ₹26.72 crore.

International Implications and Policy Response

The case highlights vulnerabilities in cross-border trade finance mechanisms, particularly involving transactions between India and neighboring countries. The use of Letters of Credit from Bangladeshi banks that remained unpaid exposes gaps in international banking verification systems. The Enforcement Directorate's action demonstrates how Indian authorities are increasingly utilizing provisions under the PMLA to pursue financial crimes that span multiple jurisdictions. This case may prompt regulatory authorities to strengthen verification protocols for export credit facilities and enhance monitoring of bearer cheque transactions, which remain particularly susceptible to misuse in money laundering schemes.

Sources

This report draws on the official release from the Enforcement Directorate dated December 10, 2025, legal documents filed at the special PMLA court in Kolkata, and reporting published in The Hindu on December 11, 2025. Additional context was provided through the Prevention of Money Laundering Act, 2002 and public information from Indian Bank regarding its merger with Allahabad Bank.