ED seizes assets worth over Rs 30 cr of the real estate group’s promoter in Kerala
The total value of these properties is Rs 30.28 crore, it added.
The Enforcement Directorate (ED) on Tuesday said it has seized assets worth over Rs 30 crore of the promoter of a Kerala-based real estate group and concerns related to him as part of a probe into money laundering related with an alleged bank loan fraud. .
A total of 62 properties belonging to Heera Construction Company Private Limited, its director Abdul Rasheed, his trust Heera Educational and Charitable Trust and sister company Heera Summer Holiday Homes Private Limited have been seized under the provisions of the Prevention of Money Laundering Act of money (PMLA), the central agency said in a statement.
The total value of these properties is Rs 30.28 crore, it added.
Heera Constructions Company Private Limited, Rasheed and the other accused duped the Kowdiar branch of State Bank of India in Thiruvananthapuram by “fraudulently” selling the primary and collateral securities mortgaged with the bank and also “cheated” in loan repayment, the ED alleged.
The accused generated “proceeds of crime” of Rs 34.82 crore by committing these crimes, the report said.
Rasheed was arrested by the ED in December last year and is currently in jail under judicial custody.
The ED said that Rasheed “has committed the offense of money laundering by diverting money received through the sale of other projects mortgaged with the SBI, instead of using the same for repayment of loans against them have been entered into”.
The money laundering case stems from an FIR filed by the Central Bureau of Investigation (CBI) in Kochi based on a complaint from the bank.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)
First print: January 16, 2024 | 2:36 pm IST