Don’t miss the latest developments in business and finance.

ED attaches Rs 4 cr assets in Chennai bank fraud case

Image
Press Trust of India Chennai
Last Updated : Apr 06 2016 | 7:49 PM IST
The ED has attached assets worth Rs 4
crore in connection with its money laundering probe into the alleged cheating of two Chennai-based banks by impersonating the identities of various people including former tennis player Ashok Amritraj.
The case pertains to the alleged dubious role of three people, identified by the agency as T S A Stephen, Franklin S T and D R Naik, who allegedly cheated Canara Bank and Indian Overseas Bank branches in the Tamil Nadu capital few years back.
The agency issued a provisional attachment order for seizure of three immovable assets, fixed deposits and gold ornaments worth Rs 3.8 crore of the accused, it said.
"Investigations revealed the accused had opened a bank account in the name of Ashok Amritraj in Canara Bank with the collusion of bank officials by impersonating and then diverted the encashed amount of fixed deposits worth about 7 crore to that account and withdrawn the same. The said proceeds of crime were utilised for various purposes including acquiring some properties.
"In another instance, with the collusion of the bank officials, the accused diverted about Rs 8 crore from the Canara Bank account of an organisation to the accounts of two companies floated by the accused and the same was withdrawn and utilised for their personal purposes," the agency said in a statement.
It added that ED took over the case and began a probe under the provisions of the Prevention of Money Laundering Act (PMLA) after taking cognisance of a CBI FIR and chargesheet in the same case.

More From This Section

"It was also further noticed that by impersonating the directors of a chit fund company, the said accused has also cheated the IOB to the tune of Rs 2.55 crore," it said.
They said the accused had impersonated on the identities
of other people apart from the ex-tennis player.
An attachment order under PMLA is aimed at depriving the
accused from obtaining benefits of their alleged ill-gotten wealth and the accused can appeal against the order before the Adjudicating Authority of the said Act within 180 days.

Also Read

First Published: Apr 06 2016 | 7:49 PM IST

Next Story