The Enforcement Directorate (ED) has attached six immovable properties worth ₹ 20.65 crores of a Tamil Nadu-based businessman under Prevention of Money Laundering Act, 2002 (PMLA) in connection with a bank fraud case.
The attached properties are located in different parts of Tamil Nadu. They 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, according to an official release.
The case pertains to investigations initiated by the ED under the PMLA based on an FIR registered by the CBI against Tomy G Poovattil, S Galeel Rahman and others for defrauding Indian Bank’s Guindy branch in Chennai under Section 120 B r/w 420 of Indian Penal Code and Section 13(2) r/w 13(1) (d) of the Prevention of Corruption Act, 1988.
The ED said that it had initiated investigations under the provisions of PMLA based on an FIR registered by the Central Bureau of Investigation (CBI) and Anti Corruption Bureau (ACB), Chennai, against accused Tomy G Poovattil, S Galeel Rahman and others for defrauding the Guindy Branch of Indian Bank under relevant sections of the Indian Penal Code and the Prevention of Corruption Act.
“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 Indian Bank by fraudulently sanctioning overdraft and credit facilities to various entities,” the statement said.
Investigation 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.