ED attaches 62 immovable properties of Heera Construction in bank fraud case
Jan 16, 2024
New Delhi [India], January 16 : The Enforcement Directorate (ED) has attached 62 immovable properties worth Rs 30.28 Crore belonging to Heera Construction, its Managing Director Abdul Rasheed and other individuals as "proceeds of crime" in a bank fraud case.
"ED has provisionally attached 62 immovable properties worth Rs.30.28 Crore approx. belonging to M/s Heera Construction Co. Pvt. Ltd., its MD Abdul Rasheed and others as proceeds of crime in a bank fraud case," the probe agency said in a post on 'X'.
Earlier in February 2023, the ED conducted a search on the premises of Heera Constructions in Thiruvananthapuram. The official said that the action was taken under the Prevention of Money Laundering Act, 2002 on February 14, 2023. The searches were conducted on the three business premises including the residence of the Managing Director.
ED initiated an investigation under the provisions of PMLA based on the FIR registered by the CBI, ACB, Cochin against Heera Construction Company Private Limited, Abdul Rasheed and his four family members, who availed various credit facilities from the Kowdiar Branch of erstwhile State Bank of Travancore (e-SBT) to the tune of about Rs 9.90 Crore for the project "Heera Lake Front" and alienated the property mortgaged as primary security and collateral security, without the consent of the Bank.
During the course of the ongoing investigation, enquiries conducted by ED revealed that Abdul Rasheed, Heera Constructions Company Pvt. Ltd has taken a cash credit loan from the State Bank of Travancore and defaulted the loan to the tune of an outstanding amount of Rs 21 Crore approximately as on September 2022.
During the course of the search, details regarding 63 immovable properties worth Rs 45 crore approximately and the considerable number of bank accounts held in the names of HCCPL and its directors were unearthed along with crucial digital and documentary evidence.
