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Bank Fraud Case: The Enforcement Directorate (ED) has provisionally attached 62 immovable properties valued at approximately Rs.30.28 Crore belonging to M/s Heera Construction Co. Pvt. Ltd., its Managing Director Abdul Rasheed, his trust M/s Heera Educational and Charitable Trust, and sister company M/s Heera Summer Holiday Homes Pvt. Ltd. The move comes as a response to a bank fraud case, where the accused allegedly cheated the State Bank of India, Kowdiar branch, leading to the generation of Rs.34.82 Crore in proceeds of crime.
The ED’s investigation, initiated based on an FIR by the CBI, ACB Cochin, uncovered fraudulent activities by M/s Heera Construction Co. Pvt. Ltd., Abdul Rasheed, and others. They were accused of deceitfully selling primary and collateral securities mortgaged with the bank and failing to repay the loan. Consequently, the accused amassed substantial proceeds of crime.
Further revelations in the investigation indicate that the accused, including Abdul Rasheed and family members, diverted ill-gotten gains into multiple immovable properties in Kerala. These properties were allegedly projected as untainted, violating the Prevention of Money Laundering Act (PMLA) of 2002.
Abdul Rasheed, MD of M/s Heera Construction Co. Pvt. Ltd., was arrested on 4.12.2023, directly implicating him in money laundering and the generation of proceeds of crime. The Hon’ble Special Court for PMLA, Ernakulam, denied bail to Abdul Rasheed, granting a 5-day remand to the ED for custodial interrogation.
The objective is to unearth additional proceeds of crime and apprehend other accused persons. Abdul Rasheed remains in judicial custody until 20.01.2024. The ED’s actions aim to bring accountability and justice in the complex web of financial misconduct surrounding Heera Construction.
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