The MD of M/s Heera Construction Co. Pvt. Ltd., Abdul Rasheed, his trust M/s Heera Educational and Charitable Trust, and sister company M/s Heera Summer Holiday Homes Pvt. Ltd. have all had 62 immovable properties valued approximately at Rs. 30.28 Crore temporarily attached by the Directorate of Enforcement (ED) as proceeds of crime in a bank fraud case.
The State Bank of India’s Kowdiar branch in Thiruvanathapuram filed a complaint against M/s Heera Construction Co. Pvt. Ltd., its MD Abdul Rasheed, and others. Based on this complaint, the CBI, ACB Cochin filed a formal complaint under various sections of the IPC, 1860, and PC Act, and the ED launched an investigation.
The State Bank of India, Kowdiar branch was defrauded by M/s Heera Constructions Co. Pvt. Ltd., its MD, Abdul Rasheed, and other accused parties, according to an ED probe. They did this by selling the main and collateral securities that were mortgaged with the bank unlawfully and by making false statements about loan repayment. Thus, by committing crimes, the accused individuals produced proceeds of crime totalling Rs. 34.82 Crore.
The accused parties, M/s Heera Constructions Co. Pvt. Ltd., its MD Abdul Rasheed, and other family members, were found to have generated proceeds of crime, invested them in a number of immovable properties in Kerala under their own names, the names of their companies, and trusts, and misrepresented them as untainted properties in violation of section 3 of the PMLA, 2002, according to the ED investigation.
In addition to the aforementioned, on December 4, 2023, Abdul Rasheed, the MD of M/s Heera Construction Co. Pvt. Ltd., was taken into custody under the PMLA on charges of directly participating in the creation of proceeds of crime and money laundering. The managing director of M/s Heera Construction Company Pvt. Ltd., Abdul Rasheed, also engaged in money laundering when he failed to use money obtained from the sale of other projects that were mortgaged with the State Bank of India to pay back loans that had been taken out against them.
The petitioner, Abdul Rasheed, sought bail, but the Hon’ble Special Court for PMLA, Ernakulam denied it. Instead, the court ordered five days of detention to the ED, so that Abdul Rasheed may be questioned in custody in order to find further evidence of his criminal activity and apprehend more suspects. Right now, Abdul Rasheed is detained by the government until January 20, 2024. Additional research is currently being conducted.
