₹7.28 Crore Banking Fraud Exposed in Assam:

Guwahati: In a major development related to financial fraud and money laundering in Assam, the Directorate of Enforcement (ED), Guwahati Zonal Office, has filed a Prosecution Complaint under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 before the Hon’ble Special Court for PMLA cases in Guwahati. The complaint has been filed against Dibyajyoti Kalita, the then Branch Head of Assam Gramin Vikash Bank (AGVB), Lahorijan Branch in Karbi Anglong district, and Birbahu Brahma, a private individual from Nabagram village in Goalpara district of Assam.

According to ED officials, the accused persons were allegedly involved in a sophisticated banking fraud and money laundering operation amounting to nearly ₹7.28 crore. The agency stated that the accused committed the offence of money laundering as defined under Section 3 and punishable under Section 4 of the PMLA.

FIR and CBI Investigation

The ED initiated its investigation on the basis of a First Information Report (FIR) originally registered at Khatkhati Police Station in Karbi Anglong district under Sections 420 and 409 of the Indian Penal Code (IPC), 1860. Subsequently, the matter was taken over by the Central Bureau of Investigation (CBI), Anti-Corruption Branch (ACB), Shillong, which re-registered the case as RC0202022A0001 dated January 3, 2022.

The CBI later filed a chargesheet on April 29, 2024, invoking additional charges under Section 120-B of the IPC dealing with criminal conspiracy and provisions of the Prevention of Corruption Act, 1988.

Investigators allege that during the period between December 2020 and April 2021, Dibyajyoti Kalita abused his official position as Branch Head of AGVB Lahorijan Branch and entered into a criminal conspiracy with Birbahu Brahma to siphon off huge sums of money from the bank’s Adjustment Clearing Account.

Fraudulent Transactions Through Banking Software

ED investigations revealed that the fraud was executed through around twenty unauthorised banking transactions. Officials stated that Kalita allegedly misused the credentials of the Finacle banking software system to transfer funds without any supporting vouchers, customer instructions, or official approvals.

The fraudulent transfers reportedly bypassed standard banking procedures and internal controls, enabling the accused to divert funds from the bank account illegally.

Investigators found that the money was systematically routed through a web of fictitious customer accounts and several Self-Help Group (SHG) and Society accounts that were suspiciously opened on a single day. Authorities believe these accounts were created solely to facilitate the laundering of illegal funds and to conceal the actual trail of money.

Complex Money Laundering Network

The ED stated that the proceeds of crime were layered through multiple financial instruments and fabricated banking activities to avoid detection. The agency found evidence suggesting that term deposits and Loans Against Deposits (LADs) were created using fake identities and manipulated documentation.

After multiple layers of transactions, the funds were allegedly routed into the personal bank account of Dibyajyoti Kalita, the account of his wife, and accounts linked to his tea-business partnership concern.

Officials further alleged that a network of surrogate accounts operated in the names of family members and close associates of Birbahu Brahma was also used in the laundering process. These accounts were reportedly controlled using signed blank cheques collected from different individuals.

The ED believes that the accused deliberately structured the transactions in a complicated manner to conceal the origin of the illegally acquired money and project it as legitimate income.

Searches Conducted by ED

As part of the investigation, the Enforcement Directorate conducted searches on November 28, 2024, at the residential premises of both accused persons under Section 17 of the PMLA.

During the raids, officials recovered several incriminating materials and documents that are now being treated as important evidence in the case. These included handwritten notebooks allegedly containing records of joint investments and financial dealings between the accused.

The ED also seized multiple property-related documents suspected to be linked to assets acquired from the proceeds of crime. In addition, investigators found cheque books belonging to third parties in the possession of Birbahu Brahma, raising suspicions that he was operating several bank accounts indirectly.

A RuPay debit card issued in the name of the principal accused, Dibyajyoti Kalita, was also recovered from the residence of the second accused. Officials believe this indicates close financial coordination and direct involvement between the two accused persons in the laundering operation.

Serious Concerns Over Banking Security

The case has once again highlighted growing concerns regarding banking frauds and internal misuse of financial software systems. Investigators suspect that weaknesses in monitoring mechanisms and internal auditing processes may have enabled the fraud to continue undetected for several months.

Financial experts believe that misuse of banking software credentials by insiders poses a serious threat to banking institutions, especially rural and regional banks where technological oversight may not always be robust.

The alleged creation of fake Self-Help Group accounts and fabricated term deposits has also raised concerns over compliance failures and verification procedures within the banking system.

ED Intensifies Crackdown on Financial Crimes

The Enforcement Directorate has been actively pursuing cases related to corruption, financial fraud, cyber-enabled banking scams, and money laundering across the country. Officials stated that the present case demonstrates how public sector and regional banking institutions can become targets of organised financial manipulation when internal controls are compromised.

The agency reiterated that money laundering not only affects financial institutions but also undermines public trust in the banking system and harms genuine customers.

ED officials confirmed that the investigation is still ongoing and additional evidence is being examined. The agency is also probing whether more individuals, bank employees, or external collaborators were involved in facilitating the fraud or helping conceal the proceeds of crime.

Possibility of More Arrests and Asset Attachments

Sources associated with the investigation indicated that further arrests and attachment of properties may take place depending on the outcome of the ongoing probe. Authorities are currently analysing financial records, digital evidence, banking transactions, and property documents seized during the investigation.

The ED is also examining whether the accused invested the laundered funds in movable or immovable assets outside Assam.

Legal experts suggest that if the allegations are proven in court, the accused could face stringent punishment under the PMLA as well as corruption and criminal conspiracy charges under other laws.

Public Concern Over Financial Fraud

The case has generated widespread concern among customers of regional banks and financial institutions in Assam. Many people have demanded stricter monitoring systems, stronger cybersecurity frameworks, and enhanced accountability of bank officials to prevent such incidents in the future.

Experts believe that timely audits, AI-based transaction monitoring systems, stronger internal vigilance, and employee accountability mechanisms are essential to curb banking frauds and financial crimes.

Authorities have urged citizens to remain vigilant regarding suspicious banking activities and to immediately report any irregular transactions to banks and law enforcement agencies.

With the ED continuing its investigation, the case is expected to uncover more details regarding the alleged financial conspiracy and the laundering network that operated across multiple accounts and entities.