(ED) has provisionally attached 62 immovable properties worth Rs.30.28 Crore approx. belonging to M/s Heera Construction Co. Pvt. Ltd.
Directorate of Enforcement (ED) has provisionally attached 62 immovable properties worth Rs.30.28 Crore approx. belonging to M/s Heera Construction Co. Pvt. Ltd., its MD Abdul Rasheed, his trust M/s Heera Educational and Charitable Trust and sister company M/s Heera Summer Holiday Homes Pvt. Ltd. as proceeds of crime, in a bank fraud case.
ED initiated investigation on the basis of FIR registered by the CBI, ACB Cochin under various sections of the IPC, 1860 and PC Act, on the basis of complaint filed by the State bank of India, Kowdiar, Thiruvanathapuram branch against M/s Heera Construction Co. Pvt. Ltd., its MD Abdul Rasheed, and others.
ED investigation revealed that M/s Heera Constructions Co. Pvt. Ltd., its MD Abdul Rasheed and other accused persons had cheated the State bank of India, Kowdiar branch by fraudulently selling the primary and collateral securities mortgaged with the bank also defrauded in repayment of loan. Thereby the accused persons generated proceeds of crime of Rs.34.82 Crore by committing offences.
ED investigation further revealed that the accused persons namely M/s Heera Constructions Co. Pvt. Ltd., its MD Abdul Rasheed and other family members have generated proceeds of crime, invested the same in multiple immovable properties in their personal name and in the name of their companies and trust in Kerala and projected them as untainted properties in violation of section 3 of PMLA, 2002.
Further to the above, Abdul Rasheed the MD of M/s Heera Construction Co. Pvt. Ltd. was arrested on 4.12.2023 under PMLA, for being directly involved in the offence of money laundering and generation of proceeds of crime. Abdul Rasheed, MD of M/s Heera Construction Company Pvt. Ltd., also committed offence of money laundering by diverting funds received by selling other projects mortgaged with State Bank of India instead of utilizing the same for repayment of loans taken against them. The Hon’ble Special Court for PMLA, Ernakulam rejected the bail application moved by the petitioner Abdul Rasheed and granted 5 days remand to ED for custodial interrogation of Abdul Rasheed to further unearth more proceeds of crime and to nab other accused persons. Abdul Rasheed is currently under judicial custody till 20.01.2024.
Further investigation is under progress.