New Delhi, Sep 1 (UNI) Enforcement Directorate (ED) on Tuesday said that it has attached six immovable properties worth to Rs 20.65 crore of Galeel Rahman, located at different places in Tamil Nadu under Prevention of Money Laundering Act (PMLA) in a bank fraud case.
The attached immovable assets are in the form of factory building along with land measuring 2.92 acres at Konamedu Industrial Estate at Vaniyambadi, residential flat in Chennai and plots in Vellore.
Central financial agency initiated investigation on the basis of an FIR registered by Chennai Anti- Corruption Branch of CBI against accused Tomy G Poovattil, S Galeel Rahman and others for defrauding Indian Bank at Chennai under section 120 B read with 420 of Indian Penal Code and section 13(2) read with 13(1) (d) of Prevention of Corruption Act,1988.
Investigation so far revealed that during the period from 2012 to 2014, Tomy G Poovattil, the then Assistant General Manager Guindy Branch of Indian Bank had conspired with accused S Galeel Rahman, Sirajuddin and others to cheat the Indian Bank by fraudulently sanctioning overdraft and credit facilities to various entities.
“Accused S Galeel Rahman managed to avail loan on the basis of fabricated documents in the name of his firms namely Nafisa Overseas and Safa Leathers and he had forged the documents to inflate the properties which were placed as collateral security”, the ED officials said, adding that over a period, these credit facilities became NPA including accrued interest totalling to the tune of Rs 23.46 crore as on date of filing of the FIR.
The officials also added that these loan proceeds were laundered among a number of bank accounts maintained by the accused, his family members and associates and the accused made maze of transactions to project the fraudulent transactions as proceeds of genuine trade-based transactions for availing further loans from the Bank, thus, the sanctioned amounts were diverted and siphoned off.
Further investigation in this case is under progress, the ED added.
UNI AKS SHK1622