A special court in Calcutta has ordered the confiscation of assets worth Rs 24 crore of a man, who was declared a fugitive economic offender, and some others in a bank loan fraud case, the ED said on Thursday.

The movable and immovable properties, located in prime locations of Calcutta in West Bengal and Tiruppur in Tamil Nadu, belong to "mastermind" Pushpesh Kumar Baid and his associates.

Baid was declared an offender under the Fugitive Economic Offenders Act (FEOA) by the same court on January 3, the federal agency said in a statement.

The Enforcement Directorate case against Baid and others stems from multiple CBI FIRs and chargesheets. He is currently stated to be based in the US.

The ED alleged that Baid was "absconding" from the legal proceedings despite a non-bailable warrant being issued against him by the court.

"Various companies owned and controlled by Pushpesh Kumar Baid availed loan from the banks by submitting false financial statements and forged deeds of the several plots and flats and defaulted SBI, Dena Bank, Bank of India, Indian Overseas Bank and Allahabad Bank to the tune of Rs. 183 crore," the agency said.

The accused "diverted" the loan funds through bank accounts opened in the name of companies of his employees and associates, it said.

A chargesheet was filed against Baid and the other accused in February 2022 under various sections of the Prevention of Money Laundering Act (PMLA), the ED said.

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