Accused transferred Rs 50 crore to fake Karnataka govt account, then transferred money to other accounts, then withdrew cash to buy land and jewellery
BENGALURU:
The Enforcement Directorate has provisionally attached assets (immoveable and moveable) worth Rs 4.98 crore under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 in the Syndicate Bank fraud case.
A money-laundering investigation was initiated on the basis of an FIR filed by the Commercial Street police station in Bengaluru against Vijay Akkash, Mohamed Musthafa, MD Jairam (the then Assistant Branch Manager of Syndicate Bank, Uttarahalli branch, Bengaluru) and others.
Enforcement Directorate has provisionally attached assets (immovable and movable properties) worth Rs.4.98 Crore belonging to Vijay Akkash, Mohamed Musthafa, M D Jairam and others in Syndicate bank fraud case.
— ED (@dir_ed) July 28, 2021
Fake documents
The investigation revealed that Vijay Akkash, the mastermind, along with Jairam, Nagaraju, Revenna, Siddagangaiah and others, opened a fake current account in Syndicate Bank in the name of Karnataka State Agricultural Marketing Board (KSAMB). The fake account was operated by Mohamed Musthafa, who posed as Accounts Officer of KSAMB on the basis of fake/fabricated documents such as board resolution, ID card and KSAMB letter-head, and transferred Rs 50 crore to the fake account. Subsequently, Musthafa transferred Rs 47,16,62,500 to various bank accounts of accomplices.
The investigation revealed that the accused and their accomplices withdrew cash from these bank accounts to buy jewellery and land.
Accordingly, identified assets in the form of the balances in these bank accounts, jewellery and land to the tune of Rs 4.98 crore have been provisionally attached.
