The Enforcement Directorate (ED) on Saturday said it has arrested a Kolkata-based businessman under the anti-money laundering law for allegedly defrauding State Bank of India (SBI) of Rs 95 crore. Kaushik Kumar Nath was arrested on March 30 and a special Prevention of Money Laundering Act (PMLA) court in Kolkata sent him to ED custody till April 10, the agency said in a statement.

Nath, it said, availed credit facilities from SBI by submitting “forged and fabricated” documents. “The funds received in the guise of credit facilities were withdrawn in cash and used for purposes other than (those) for which they were sanctioned,” it said. The ED said SBI, the country’s largest lender, was cheated to the tune of about Rs 95 crore.