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Forging Signature, Employee Siphoned Off Hospital Money From Banks

The ED identified that a part of the proceeds has been invested in movable and immovable properties worth Rs 70 lakh.

Published: 26th March 2016 12:32 AM  |   Last Updated: 26th March 2016 05:01 AM   |  A+A-

Chennai: An employee of a city-based hospital forged the signatures of hospital authorities and siphoned off money from the bank and invested a part of the amount in movable and immovable properties worth Rs 70 lakh, according to the Enforcement Directorate.

ED Joint director K S V V Prasad said this was revealed during investigation on a complaint of suspected money laundering. The hospital employee Kamalakannan was arrested by Central Crime Branch in a cheating case.

“We have attached the immovable and movable properties worth Rs 70 lakh,” he said.
During investigation under Prevention of Money Laundering Act, it was found that the accused had forged signatures and withdrawn money from the Bank accounts. He then invested it in commodity trading.

The ED followed the money trail and identified that a part of the proceeds has been invested in the movable and immovable properties worth Rs 70 lakh. It includes Rs 27 lakh in fixed deposit and two vacant lands and a shop in Sowcarpet, Chennai. These properties were attached provisionally under the provisions of Prevention of Money Laundering Act. Further investigations are on.

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