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ED attaches assets worth Rs 4.9 cr in Syndicate Bank fraud case

The Enforcement Directorate (ED) on Wednesday said that it has attached the properties worth Rs 4.98 crore of Vijay Akkash, Mohamed Musthafa, M.D. Jairam and others in Syndicate bank fraud case.

The ED in a statement said that the financial probe agency has attached the properties under the Prevention of Money Laundering Act (PMLA).

It said that the ED registered a case of money laundering on the basis of FIR filed by Commercial Street Police Station in Karnataka`s Bengaluru against Akkash, Musthafa, Jairam, the then Assistant Branch Manager of Syndicate Bank, Uttarahalli Branch in Bengaluru and others.

It said probe revealed that Akkash, the mastermind of the whole conspiracy along with Jairam, Nagaraju, Revenna, Siddagangaiah, and others, opened a fake current account in the Syndicate Bank in the name of Karnataka State Agricultural Marketing Board (KSAMB) operated by Musthafa impersonating as the Account officer of KSAMB, based on the fake and fabricated documents such as Board Resolution, ID Card, Letter head of KSAMB etc, and succeeded in transferring Rs 50 crore to the fake Current Account.

“Musthafa after getting the said amount of Rs 50 crore in the fake current account of KSAMB with the help of Jairam and others, subsequently transferred Rs 47.96 crore into various bank account belonging to various entities, persons etc, who acted as accomplices to the conspiracy,” it said.

“Investigation revealed that the bank accounts of each of those entities and persons were used to withdraw money in the form of cash and to buy jewellery and land by the accused and their accomplices,” it said.

It said that identified assets in the form of the balances in the bank accounts used for money laundering, jewellery and land to the tune of Rs 4.98 crore in the form of movable and immovable properties have been provisionally attached under PMLA.

Source: Thanks