Chief Justice T.S. A division bench of Justice Shivagananam and Justice Hiranmoy Bhattacharya directed the ED to initiate investigation under the Prevention of Money Laundering Act (PMLA) against Bangladeshi resident Umashankar Agarwal.

Agarwal has been accused of staying in India with an expired visa, running businesses illegally and even laundering money outside India.

According to the allegations, a company owned by Aggarwal had invested huge funds from Bangladesh in several real estate projects in West Bengal. An investigation has already been initiated against Agarwal by Kolkata Police on the basis of complaints lodged against him in this regard.

He was arrested by the city police but was later released on bail by the lower court. Now, as per the court order, the city police will have to hand over the investigation and details of the case to ED officials.

There are allegations that funds from the company owned by Aggarwal were diverted to various cross-border smuggling rackets and even some underground terrorist groups.

On Friday, Agarwal's lawyer claimed that his client has been falsely implicated in the case.