The Enforcement Directorate (ED) has attached properties worth Rs. 28.09 crores belonging to Jose George, the Proprietor of Trade International, his wife and daughter under the Prevention of Money Laundering Act (2002).
ED had launched an enquiry following a transfer of Rs. 59 crore from a Bulgarian firm into the account of Trade International last year, and a First Information Report (FIR) was then registered by the Harbour Police Station, Ernakulam, Kerala against George.
The exporter had earlier claimed that the money received from Bulgaria was for supplying Sugar and Sunflower oil to a Bulgarian firm.
However, investigation conducted by the ED revealed that George had obtained the transfer of amounts from State Bank of India into the account of M/S Tade International without actually making any exports.
This money was further laundered into various banks and their branches in his own name, firm's name, wife's name, and as well as in his daughter's name.
George's claim that he sourced the Sugar and Sunflower oil meant for the export from a Chennai based manufacturer was found to be false.
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The manufacturer had stated that as per the Export and Import policy of India, bulk export of edible sunflower oil is restricted, and the order that George claimed to have received could not be exported from India.
Through further investigation, ED had concluded that the documents presented by Jose George to SBI to obtain the transfer were forged.
The entities through which the alleged export was carried out were also found to be non-existent.