ED Attaches Assets Worth Over INR 30 Crore in Connection with Bank Fraud and Cheating Case

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The Directorate of Enforcement (ED) has attached assets worth INR 30.70 crore belonging to Bijoy A.K., a commission agent of the Karuvannur Service Co-Operative Bank, under the Prevention of Money Laundering Act, 2002 in a fraud and cheating case. The attached assets include 20 properties, two vehicles, and cash totalling INR 5.48 lakh. The attached properties consist of land and buildings in Kerala, and the vehicles include an Innova and an Audi. The attached bank balances amount to INR 35.86 lakh.

Bijoy A.K. was involved in illegally sanctioning and disbursing a loan worth INR 26.60 crore in cash without collateral due to a conspiracy involving the secretary and committee members of the bank since 2010. The ED initiated a money laundering investigation on the basis of FIRs filed by the Kerala police under section 420 of the Indian Penal Code, 1860. The Kerala police have registered over 16 FIRs in the Thrissur district regarding fraud and cheating at the Karuvannur Service Co-Operative Bank.

The money laundering investigation has revealed that multiple bogus loans were sanctioned on the same property without the knowledge of the members of the society. The loans were disbursed in cash and large cash deposits were found in the bank’s records. The Karuvannur Service Co-Operative Bank was being scrutinized by the Registrar of Co-Operative Societies in Thiruvananthapuram in relation to the fraud and cheating case. After an FIR was filed in July 2021, the registrar found that more than INR 100 crore had been diverted as a result of fraud and cheating.

On August 10, 2022, the ED conducted searches at six locations, including the branch of the cooperative bank in Irinjalakuda, Thrissur. The investigation into the fraud and cheating case is ongoing.

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