ED Files PMLA Complaint Against Padam Bahadur Chettri for Rs 5 Crore Bank Fraud

Directorate of Enforcement (ED), Gangtok Sub-Zonal Office, has filed a
Prosecution Complaint (PC) under Section 45 of the Prevention of Money Laundering Act
(PMLA), 2002 against Padam Bahadur Chettri and Ms. Santi Sharma, wife of Padam
Bahadur Chettri before the Hon’ble Special Court (PMLA) on 02.06.2025.
ED initiated investigation on the basis of FIR registered by Sadar Police Station,
Gangtok, Sikkim on a complaint filed by the State Bank of Sikkim regarding fraud
committed by Padam Bahadur Chettri with the bank.
ED investigation revealed that Padam Bahadur Chettri had availed loans
amounting to Rs. 5 Crore from the State Bank of Sikkim for the construction of a hotel,
but the funds were not utilized for the stated purpose. The accused persons defrauded
the bank by repeatedly changing the project from hotel construction to various other
projects, each time securing additional loans. However, the bank funds were diverted to
acquire various movable and immovable properties.
In the instant case, the ED has attached properties worth Rs. 4.90 Crorefrom the
possession of the accused persons which has also been confirmed by the Ld.
Adjudicating Authority under PMLA. The attached propertiescomprise of 8 immovable
properties acquired through the diversion of Proceeds of Crime.

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