BENGALURU: The Directorate of Enforcement (ED), Bengaluru zonal office has filed a Prosecution Complaint (PC) against Mohd Asadulla, others and his company Al- Ameen Housing Development Company Ltd in the case of bank fraud in Amanath Cooperative Bank Ltd under the Prevention of Money Laundering Act (PMLA) before the Special Court in Bengaluru.
“The Court has taken cognisance of the PC and issued summons to all accused persons,” the ED stated in an official release on Saturday. “The investigation was initiated on the basis of an FIR registered by the Commercial Street police station against the accused under various sections of the Indian Penal Code."
"The said case was transferred to the fraud squad, Criminal Investigation Department (then COD), Bengaluru, which had filed five charge sheets against them in 2006,” the agency added. “The investigation by ED has revealed that between 1985 and 2002, the said accused persons misappropriated the funds of Amanath Cooperative Bank by allegedly sanctioning huge amounts of loans to non-existent and fictitious account holders, passing cheques and overdraft accounts fraudulently."
"They used the funds for their personal purpose and invested the same in immovable properties in their and their relatives’ names. The proceeds of crime, in this case, is Rs 68.43 crore,” the ED stated. Earlier, the Central agency, on March 30, 2022, had issued a Provisional Attachment Order (PAO) in this case attaching an immovable property held in the names of Asadulla and others. The present market value of the attached property is Rs 243.93 crore.