February 18, 2024
ED Attaches Assets Worth Over Rs 30 Crore in Kerala Realty Group Case
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ED Attaches Assets Worth Over Rs 30 Crore in Kerala Realty Group Case

ED Attaches Assets Worth Over Rs 30 Crore in Kerala Realty Group Case

ED Attaches Assets Worth Over Rs 30 Crore in Kerala Realty Group Case

The Enforcement Directorate (ED) announced on Tuesday that it has attached assets valued at more than Rs 30 crore linked to the promoter of a Kerala-based realty group.

The action is part of a money-laundering investigation related to an alleged bank loan fraud case.

A total of 62 immovable properties belonging to Heera Construction Company Private Limited, its managing director Abdul Rasheed, his trust Heera Educational and Charitable Trust, and sister company Heera Summer Holiday Homes Private Limited have been attached under the Prevention of Money Laundering Act (PMLA).

The ED alleges that the accused cheated the State Bank of India’s Kowdiar branch by fraudulently selling primary and collateral securities mortgaged with the bank and defrauded in the repayment of loans. The accused generated “proceeds of crime” amounting to Rs 34.82 crore.

Abdul Rasheed was arrested in December and is currently in judicial custody. The money-laundering case originated from an FIR filed by the Central Bureau of Investigation (CBI) in Kochi based on a complaint from the bank.

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