In accordance with the Prevention of Money Laundering Act (PMLA), 2002, the Directorate of Enforcement (ED) searched eight properties owned by Abdurahiman, his wife Smt. Zareena Majeed, and his acquaintances in Kochi, Kozhikode, and Kasargod (Kerala) on December 7, 2023.
The Indian Department of Economic Development (ED) launched an investigation into a formal complaint filed by the Chandera Police Station in Kasargode, Kerala, under the Indian Penal Code, 1860. The complaint stated that an Indian citizen named Abdurahiman Chenoth Thirummal had borrowed 68.159 million AED from M/s Invest Bank, Sharjah to establish his company, “HEXA OIL & GAS SERVICES LLC.” By failing to pay back the loan, he deceived the bank. The outstanding balance is about Rs. 83.36 crore, or 42.898 million AED. An authorized representative of the aforementioned foreign bank is the complainant in this instance.
According to an ED investigation, Abdurahiman, the accused, really obtained loans totalling around 150 million AED (roughly Rs. 340 crores) from a number of banks, including M/s Invest Bank. He then utilized the money to fund debit entries to various organizations and cash withdrawals. He is accused of taking money out of the country through hawala routes, diverting it, and investing it in a number of businesses in the information technology, media, construction, and chemical industries.
The method of operation of this massive cross-border money laundering crime has been made clear by the searches: the accused deceived international banks, embezzled loan amounts intended for business use and used them for his own gain.
Numerous electronic gadgets and papers that might be used as evidence have been found during the searches. A freezing order worth Rs. 3.58 crore was issued under Section 17(1-A) of the PMLA, 2002, against the accused person’s personal bank accounts, shares he had in his affiliated firms, and loans he had given to those entities. Seized items include the records of his real estate holdings and stock in his affiliated businesses. Additional research is currently being conducted.
