CHENNAI: The Enforcement Directorate (ED) on Tuesday said that it has attached six immovable properties worth Rs 20.65 crores of S Galeel Rahman located in different places of Tamil Nadu under the Prevention of Money Laundering Act, 2002 (PMLA) in a bank fraud case.
The attached immovable assets are in the form of a factory building along with land measuring 2.92 acres at Konamedu Industrial Estate, Vaniyambadi, a residential flat in Chennai and plots in Vellore, the central agency said.
ED initiated investigations under the provisions of PMLA based on FIR registered by CBI, ACB, Chennai against accused Tomy G Poovattil, S Galeel Rahman and others for defrauding Indian Bank, Guindy Branch, Chennai under section 120 B r/w 420 of Indian Penal Code and section 13(2) r/w 13(1) (d) of Prevention of Corruption Act, 1988.
“Investigation under PMLA has revealed that during the period from 2012 to 2014, Tomy G Poovattil, the then AGM/BM of the Guindy Branch of Indian Bank had conspired with accused S Galeel Rahman, Sirajuddin and others to cheat the Indian Bank by fraudulently sanctioning overdraft and credit facilities to various entities.
Accused S. Galeel Rahman managed to avail loan on the basis of fabricated documents in the name of his firms namely M/s. Nafisa Overseas and M/s. Safa Leathers. He had forged the documents to inflate the properties which were placed as collateral security. Over a period, these credit facilities became NPA including accrued interest totalling to the tune of Rs. 23.46 crore as on date of filing of the FIR.
Investigation under PMLA revealed that these loan proceeds were laundered among a number of bank accounts maintained by the accused, his family members and associates. The investigation also revealed that the accused has made a maze of transactions to project the fraudulent transactions as proceeds of genuine trade-based transactions for availing further loans from the Bank. The sanctioned amounts were diverted and siphoned off. Provisional Attachment Order has now been issued attaching these immovable six assets worth Rs. 20.65 crores.”
Further investigation is under progress, the ED release said.