BENGALURU: The Directorate of Enforcement (ED), Bengaluru zonal office, has released properties valued at Rs 3,82,74,444 to the Karnataka Waqf Board, which was the victim of money laundering and the legitimate claimant in the Shusheela Chintamani and others case, currently under investigation by the ED.
The ED stated that its investigation was on the basis of an FIR filed against two Vijaya Bank officials and Syed Siraj Ahmed, the then first division assistant with the Waqf Board.
“The Waqf Board had issued two cheques amounting to Rs 4,00,45,465 to open fixed deposit accounts at Vijaya Bank. However, instead of opening the FDs, the money was siphoned off by transferring to fictitious entities,” the ED stated.
The agency added, “Rs 4 cr was transferred to M/s Verkeys Realities Pvt Ltd, which spent Rs 1.10 cr to purchase a Mercedes car from Ghatge Motors Pvt Ltd. Rs 2,72,74,444 was transferred back to the account of M/s Ajay Sharma Trading Corp.” ED uncovered these “illicit financial transactions and proper money trail of PoC and issued a Provisional Attachment Order of Rs 3,82,74,444”.
On March 31, 2017, the ED filed a prosecution complaint before the Special PMLA Court in Bengaluru, against six individuals and entities, including Verkeys Realities.
“In line with the PMLA and its core objective of ensuring the restitution POC to the legitimate victims, the ED did not raise any objections when the Additional Sessions Judge considered the release of funds to the Karnataka State Waqf Board, which is the rightful claimant in this case,” the Central agency stated. On July 1, 2025, the ED facilitated the release of the entire amount.