The Enforcement Directorate’s Kolkata office has filed a prosecution complaint under the Prevention of Money Laundering Act (PMLA) against M/s Amrit Feeds Ltd (AFL), its promoter Harish Bagla, and others over an alleged bank fraud of Rs 144.68 crore, the agency said on Friday.
The complaint was produced before the chief judge of the city sessions court on October 23, 2025, following an ED probe triggered by a Serious Fraud Investigation Office (SFIO) complaint lodged on March 22, 2024.
According to the ED, the alleged fraud relates to an outstanding term loan of Rs 93.62 crore and an outstanding cash-credit facility of Rs 51.06 crore that turned non-performing in 2015–16. The loans were reportedly from Axis Bank, Punjab National Bank, Bank of India and HDFC Bank.
The agency said its investigation found that loan proceeds were not used for their intended purposes but were diverted and laundered through a network of shell entities.
The ED alleges the diverted funds were channelled into related companies, used to buy immovable assets in the names of those entities, and transferred into bank accounts of the main promoter, Harish Bagla, and his family for personal use.
As part of its action, the ED has provisionally attached immovable property worth Rs 10.44 crore under a PMLA provisional attachment order dated October 22, 2025.
Earlier searches conducted on August 26, September 3 and September 4, this year, resulted in seizure of valuables and the freezing of bank balances totalling about Rs 5.46 crore, the agency said.
Harish Bagla, managing director and main promoter of Amrit Feeds, was arrested by the ED on August 26, 2025, and is currently in judicial custody. The ED added that further investigation is ongoing.
Separately, the Kolkata Zonal Office conducted search operations on October 28–29, 2025, in connection with the municipality recruitment scam. Seven premises in and around Kolkata, including offices and residences linked to associates of the main suspects, were searched, officials said.
The raids covered entities such as Radiant Enterprise Pvt Ltd, Garodia Securities Ltd and Jeet Construction and Consultants, and the residences of their promoters and directors.
During those searches, investigators seized various incriminating documents, digital devices and approximately Rs 3 crore in cash, the ED said. These actions form part of the agency’s wider effort against alleged financial irregularities and graft connected to recruitment irregularities in local bodies.