New Delhi, Jun 24 (PTI) A former managing director of the Assam-based Industrial Cooperative Bank Ltd. has been arrested under the anti-money laundering law in a case linked to alleged financial fraud with the bank, the Enforcement Directorate said on Friday.Subhra Jyoti Bharali was taken into custody on June 22 and was produced before a special Prevention of Money Laundering Act (PMLA) court in Guwahati the next day.The former MD of the Industrial Cooperative Bank Ltd. was sent to ED custody for seven days by the court, the agency said in a statement."He was arrested by the ED due to his involvement in the offence of money laundering and his non-cooperation in the PMLA investigation," it said.The probe found that "Bharali while working as the managing director of Industrial Cooperative Bank Ltd, had abused his official position and siphoned off the bank"s money to the tune of about Rs 9.51 crore in the guise of paying travelling allowance to payment collectors and field executives of the bank."  The ED said that he allegedly did this by "showing other expenses which were not actually incurred and used the proceeds, so generated, for his personal gains." The money laundering case stems from a Guwahati Police (Panbazar police station) FIR that was filed against Bharali on charges of "committing financial misappropriation of the funds of the bank." PTI NES NSD NSD