New Delhi, Jun 1 (IANS): The Enforcement Directorate on Wednesday conducted searches at the residential and official premises of a former Managing Director of the Industrial Co-operative Bank Ltd (ICBL) in connection with a money-laundering case.

The ED initiated money-laundering investigations against Subhra Jyoti Bharali and others, on the basis of the FIR registered by the Pan Bazar Police Station, Kamrup (M), Guwahati under various sections of the Indian Penal Code.

It was alleged in the FIR that Bharali, with the help of some other senior officials of the bank, had allegedly committed financial misappropriation to the tune of Rs 9.5 crore, thereby has caused corresponding wrongful gain to themselves.

During the course of search operations, documents, including several sale deeds in respect to properties acquired in the name of Bharali's family members, and details of various banks accounts were seized.

Further investigations are on.