PRESS RELEASE 31/03/2023 The Directorate of Enforcement (ED) has filed a Prosecution Complaint under the Prevention of Money Laundering Act (PMLA), 2002 against Mohamed Asadulla and others, as well as his company Al-Ameen Housing Development Company Ltd., in the case of bank fraud in Amanath Co-operative Bank Ltd. on March 16, 2023, before the Hon’ble Special Court (PMLA), Bengaluru. The Prosecution Complaint submitted by ED has been acknowledged by the Honorable Special Court (PMLA), which has also summoned each of the defendants.
An FIR filed by the Commercial Street Police Station in Bengaluru against Mohamed Asadulla and Others under different sections of the Indian Criminal Code, 1860, served as the foundation for the ED probe. In addition, the aforementioned matter was forwarded to the Bengaluru Fraud Squad, COD, and five chargesheets was filed by the COD in 2006 against Mohamed Asadulla and others.
The investigation by the ED showed that between 1985 and 2002, the aforementioned accused persons allegedly misappropriated funds from Amanath Co-operative Bank by allegedly authorising sizable loans to fictitious and nonexistent account holders, passing fraudulent checks and overdraft accounts, and defrauding the bank. They also allegedly used the said funds for their own purposes and invested them in real estate in their names and the names of their relatives. In this instance, the proceeds of the crime total Rs. 68.43 crore.
In this matter, the ED previously issued a Provisional Attachment Order dated 30.03.2022, which attached an immovable owned in the name of Mohamed Asadulla and others. The associated property is currently worth Rs. 243.93 crore. A second PMLA inquiry is currently being conducted.
