The Enforcement Directorate (ED) has filed a prosecution complaint against Mohamed Asadulla and his company Al-Ameen Housing Development Company Limited in the Amanath Cooperative Bank fraud case.
The ED filed the complaint before the PMLA Special Court on March 15. The court has issued summons to all the accused persons.
The ED initiated investigations based on an FIR registered by the Commercial Street police against Asadulla and others under various sections of the IPC. The case was investigated by the Criminal Investigation Department (CID) and five charge sheets were filed in 2003 against Asadulla and others.
The ED found that from 1985 to 2002, the accused persons misappropriated the funds of Amanath Cooperative Bank by sanctioning huge loans to non-existent and fictitious account holders, passing cheques and overdraft accounts fraudulently and defrauding the bank and using the funds for their purpose and investing the same in immovable properties in their and relatives' names. The proceeds of the crime were Rs 68.43 crore.
In March 2022, the ED attached the immovable properties of Asadulla and others. The present market value of the attached property is Rs 243.93 crore.
(Published 01 April 2023, 19:36 IST)
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