In accordance with the Prevention of Money Laundering Act of 2002, the Directorate of Enforcement (ED) searched three locations on February 14, 2023, including the offices of M/s Heera Constructions Company Pvt. Ltd. (HCCPL), Thiruvananthapuram, Heera College of Engineering and Technology, Thiruvananthapuram, and the homes of Abdul Rasheed and his family, who serve as the company’s managing director and other directors.
Based on the FIR registered by the CBI, ACB, Cochin, ED initiated an investigation under the provisions of the PMLA, 2002 against M/s Heera Construction Company Private Limited, Abdul Rasheed and his four family members, who obtained various credit facilities from the Kowdiar Branch of the erstwhile State Bank of Travancore (e-SBT) to the tune of about Rs. 9.90 Crore for the project “Heera Lake Front” and alienated the property mortgaged as primary security and collateral security, without the consent of the Bank.
Over the course of the continuing investigation, ED inquiries showed that Abdul Rasheed/ M/s Heera Constructions Company Pvt. Ltd took a cash credit loan from the State Bank of Travancore and defaulted on the loan to the tune of roughly Rs. 21 Crore (as on 30.09.2022).
Over the course of the investigation, data about 63 immovable properties worth about Rs. 45 crores and a significant number of bank accounts held in the names of HCCPL and its directors were discovered, together with critical digital/documentary evidence. Further research is being conducted.
