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Bank fraud case: Rs 20.65 crore assets attached

The properties in different places of the State were attached under the Prevention of Money Laundering
Act, 2002.

Published: 02nd September 2020 04:45 AM  |   Last Updated: 02nd September 2020 04:45 AM   |  A+A-

cash, money, investment

For representational purposes. (Express Illustrations)

By Express News Service

CHENNAI: The Enforcement Directorate has attached six immovable properties total worth `20.65 crore belonging to Nafisa Overseas and Safa Leathers owner S Galeel Rahman in connection with a bank fraud case.

The properties in different places of the State were attached under the Prevention of Money Laundering
Act, 2002.The immovable assets included a factory building along with 2.92 acres of land at Konamedu Industrial Estate in Vaniyambadi, a residential flat in Chennai and a few plots in Vellore, a release said.

The investigation under the provisions of PMLA was initiated based on an FIR registered by the Central Bureau of Investigation (CBI), anti-corruption branch (ACB), Chennai, against former Indian Bank Guindy branch assistant general manager Tomy G Poovattil and Galeel Rahman, among others, for allegedly defrauding the bank.

Preliminary probe revealed that Poovattil, the then AGM of Indian Bank’s Guindy branch, allegedly conspired with Rahman, one Sirajuddin and others to fraudulently sanction overdraft and credit facilities to various entities.

“Rahman managed to avail loans on the basis of  fabricated documents under the names of his firms Nafisa Overseas and Safa Leathers. He had forged the documents to inflate prices of properties that were placed as collateral security,”  the release added.


TAGS
Bank fraud

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