In a significant development, the Enforcement Directorate (ED) has attached 62 immovable properties valued at Rs 30.28 Crore in connection to an alleged bank fraud involving Heera Construction Company and its Managing Director, Abdul Rasheed. The ED took this action under the Prevention of Money Laundering Act, 2002, following a search conducted on the premises of Heera Constructions in Thiruvananthapuram in February 2023.
The ED’s probe was initiated based on an FIR registered by the CBI, ACB, Cochin, against Heera Construction Company Private Limited, Abdul Rasheed, and four family members. The individuals had reportedly availed credit facilities amounting to approximately Rs 9.90 Crore from the Kowdiar Branch of the erstwhile State Bank of Travancore for the project “Heera Lake Front.” Subsequently, they allegedly alienated the mortgaged property, both as primary and collateral security, without the bank’s consent.
During the ongoing investigation, ED found that Abdul Rasheed and Heera Constructions Company Pvt. Ltd had defaulted on a cash credit loan from the State Bank of Travancore, amounting to an outstanding sum of approximately Rs 21 Crore as of September 2022.
The ED’s search also uncovered crucial details, including information about 63 immovable properties valued at around Rs 45 Crore, and multiple bank accounts held in the names of Heera Constructions Company Pvt. Ltd and its directors. Additionally, significant digital and documentary evidence was obtained during the course of the operation.
This enforcement action underscores the ED’s commitment to tackling financial irregularities and money laundering, particularly in cases where individuals are accused of diverting funds and jeopardizing the interests of financial institutions. The provisional attachment of properties is aimed at preventing further misuse and ensuring that the “proceeds of crime” are appropriately dealt with in accordance with the law.
The ED’s ongoing efforts serve as a reminder of the authorities’ dedication to maintaining the integrity of the financial system and holding those involved in fraudulent activities accountable for their actions. Further developments in this case are awaited as the investigation continues to unfold.
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