The Enforcement Directorate (ED) has provisionally attached assets worth about Rs 500 crore in two separate cases of money laundering and forex violation. In first case, the ED has attachéd Rs 243.93 crore belonging to Mohamed Asadulla, A Shafiulla and their relatives accused of defrauding Amanath Co-operative Bank Ltd, Bengaluru on money laundering charges.
In second instance, it has seized assets worth Rs 216.40 crore of a Chennai-based company Southern Agrifurane Industries Pvt Ltd [SAIPL] and its promoter/director MGM Maran (former chairman of Tamilnad Mercantile Bank Limited) and MGM Anand, under FEMA. The ED initiated money laundering investigation of Asadulla and his relatives on basis of an FIR registered by Commercial State Police Station, Bengaluru and Chargesheet dated May 5, 2006 filed by CID, Bengaluru under various sections of Indian Penal Code.
In the chargesheet filed in this case before Court of 1st Addl. Chief Metropolitan Magistrate (ACMM), Bengaluru against Mohamed Asadulla (former General Manager of Amanath Co-operative Bank, Bengaluru), A. Shafiulla (former Branch Manager of Co-operative Bank,) and K Hidayathulla (then accountant of said bank) in connection with misappropriation of funds to tune of Rs 68.43 crore by opening fictitious overdraft accounts in the name of themselves, their relatives and their entities.
The ED probe revealed that said persons, during year 1997 to 2002, opened 50 fictitious overdraft accounts in name of themselves, their relatives and their entities to misappropriate bank’s funds. Further, the accused persons opened eight other real estate accounts and 165 housing loan accounts to adjust the outstanding amount of the said 50 fictitious accounts. Through this, the accused persons have succeeded in closing 40 accounts out of said 50 fictitious accounts.
As per details submitted by the said bank, out of the eight real estate accounts, 165 housing loan accounts and previously opened 10 overdraft accounts (out of 50 fictitious accounts) are still outstanding and the total loan proceeds of these accounts was to the tune of Rs 79.30 crore.
In the second, the ED has seized assets worth Rs 216.40 crore of Chennai-based company Southern Agrifurane Industries Pvt Ltd [SAIPL] under provisions of Foreign Exchange Management Act (FEMA).