New Delhi [India], March 5 : The Directorate of Enforcement (ED), Kochi has provisionally attached movable and immovable properties worth Rs 6.41 crore, which includes 246 movable properties including securities and bank balances valued at Rs 68.61 Lakh and 18 immovable properties valued at Rs 5.72 crore under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
These assets were attached on Monday from Retnamma, Proprietor of M/s Sandhya Cashew Factory, Sarath Chandran, S/o Retnamma and three bank ex-officials of Indian Overseas Bank in Kerala, the central enforcement agency said in a statement.
In the statement issued on Tuesday, ED said it initiated an investigation based on an FIR registered by CBI under various sections of IPC, 1860 and the Prevention of Corruption Act against the accused.
It is observed from the charge sheet filed by CBI, Bengaluru, that Retnamma and her son Sarath Chandran, entered into a criminal conspiracy with B Sasidharan, Gopala Krishnan and Manoj M, all Senior Managers of Indian Overseas Bank, during the tenure period of August 22, 2009 to May 27, 2014 with wrongful intention to cheat Indian Overseas Bank, Adoor by allowing credit facilities in the name of said factory by overvaluing the mortgaged securities.
According to the ED, Sarath Chandran had availed the said limits by submitting false and forged documents and diverting the funds for the purpose of other than for which the loan was sanctioned.
"They also failed to clear the outstanding amounts against their various loan accounts causing wrongful loss to the Indian Overseas Bank, Adoor Branch, Kerala to the tune of Rs 28.71 crore. It revealed that the wrongfully diverted funds were layered in the form of bank accounts, securities and purchase of properties," ED said.
Investigation under PMLA, 2002 was initiated by the ED, Kochi and the proceeds of the crime have been traced and have now been attached.
Further investigation into the matter is under progress.
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