New Delhi [India], July 28 (ANI): Enforcement Directorate (ED) on Wednesday said it has provisionally attached Rs 5 crore worth assets in connection with a money-laundering probe linked to alleged fraud in a Syndicate Bank fraud case in Bengaluru.
The ED said that its money-laundering investigation was initiated on the basis of an FIR filed by Commercial Street Police Station Bengaluru against Vijay Akkash, Mohamed Musthafa, M D Jairam (the then Assistant Branch Manager of Syndicate Bank, Uttarahalli Branch Bengaluru), and others.
Assets of Akkash, Mohamed Musthafa, MD Jairam and others have been provisionally attached by the central probe agency. The assets are worth Rs 4.98 crore and include both movable and immovable assets.
The ED claimed in a statement that Akkash was the "mastermind" of the conspiracy along with Jairam, Nagaraju, Revenna, Siddagangaiah and others had opened a fake current account in the Syndicate Bank branch in the name of Karnataka State Agricultural Marketing Board (KSAMB) which was operated by Musthafa who was impersonating as the account officer of KSAMB, based on the fake and fabricated documents such as board resolution, ID card, letterhead of KSAMB etc".
The agency said they "succeeded in transferring Rs 50 crore to a fake current account (of KSAMB) and Musthafa with the help of bank officer Jairam and others transferred Rs 47,16,62,500 into various bank account belonging to entities and persons who acted as accomplices to the conspiracy."
The ED alleged that the bank accounts of each of those entities or persons were used to withdraw money in the form of cash and to buy jewellery and land by the accused and their accomplices.
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 & immovable properties have been provisionally attached under PMLA, the ED said. (ANI)