Pramesh Jain
Enforcement Directorate officials on Wednesday provisionally attached assets worth Rs.4.98 crore in connection with its probe into the Syndicate Bank fraud case.
The fraud dates back to November 2019 when the police arrested a bank employee Vijay Akash and two of his relatives for allegedly diverting Rs. 50 crore belonging to Karnataka State Agricultural Marketing Board (KSAMB),which was transferred to the bank as a fixed deposit.
The central agency said it took up the probe based on an FIR filed by the Commercial Street police against Vijay Akash,Mohamed Musthafa, M D Jairam (the then Assistant Branch Manager of Syndicate Bank,Uttarahalli Branch Bengaluru) and others.
The investigation revealed that Vijay Akkash,the alleged mastermind of the whole conspiracy along with other accused opened a fake current account in the Syndicate Bank in the name of Karnataka State Agricultural Marketing Board (KSAMB).
It was operated by Mohamed Musthafa,who was impersonating the account officer of KSAMB, based on fabricated documents such as board resolution,ID card and the KSAMB letterhead.
The accused using fraudulent means succeeded in transferring Rs.50 crores to the fake current account, said the ED in a release.
After the money was transferred to the account, Musthafa with the help of M D Jairam and others subsequently transferred Rs.47,16,62,500 into various bank accounts belonging entities, persons etc,who acted as accomplices to the conspiracy.
“The bank accounts of each of those entities/persons were used to withdraw money in the form of cash and to buy jewellery and land by the accused and their accomplices.
Accordingly,identified assets in the form of the balances in the bank accounts used for money laundering,Jewellery and land to the tune of Rs. 4.98 crores in the form of movable and immovable properties have been provisionally attached under the Prevention of the Money Laundering Act (PMLA).
Further investigation in the case is under progress,said the ED.
