January 17, 2024: Â The Enforcement Directorate (ED) has attached assets worth over Rs 30 crore of the promoter of Kerala-based realty group Heera Construction as part of a money-laundering investigation connected to an alleged bank loan fraud case.
According to media reports, the ED attached 62 immovable properties with a total value of Rs 30.28 crore that belong to Heera Construction Company, its MD Abdul Rasheed, his trust Heera Educational and Charitable Trust and sister company Heera Summer Holiday Homes have been attached under the Prevention of Money Laundering Act (PMLA).
Investigation is underway of a case in which Heera Constructions Company, Rasheed and the other accused have sold the primary and collateral securities mortgaged with the State Bank of India (SBI’s) Kowdiar branch in Thiruvananthapuram. They have also committed frauds in repayment of loans. The proceeds of the crime is around Rs 34.82 crore.
Rasheed was arrested by the ED in December last year. He is at present under judicial custody.
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