Probe initiated against Tomy G. Poovattil, Galeel Rahman
The Enforcement Directorate (ED) has attached six immovable properties worth ₹20.65 crore belonging to S. Galeel Rahman under the Prevention of Money Laundering Act, 2002 (PMLA) in a bank fraud case.
A factory building and a land measuring 2.92 acres at Konamedu Industrial Estate at Vaniyambadi, a residential flat in Chennai and plots in Vellore belonging to Rahman were attached.
According to a statement issued by the ED, investigations were initiated under the provisions of PMLA based on an FIR registered by the CBI (ACB)-Chennai against accused Tomy G. Poovattil, S. Galeel Rahman and others for defrauding Indian Bank, Guindy branch, Chennai.
Investigation under PMLA has revealed that during the period from 2012 to 2014, Tomy G.Poovattil, the then Guindy branch manager of the Indian Bank had conspired with Rahman, Sirajuddin and others to cheat the bank by fraudulently sanctioning overdraft and credit facilities to various entities.
The accused managed to avail of loan on the basis of fabricated documents in the name of his firms Nafisa Overseas and Safa Leathers. He had forged the documents to inflate the value of properties which were placed as collateral security. Over a period, these credit facilities became NPA including accrued interest totalling ₹23.46 crore as on date of filing of the FIR.
Investigation under PMLA revealed that these loan proceeds were laundered among a number of bank accounts maintained by the accused, his family members and associates. Investigation also revealed that the accused has made maze of transactions to project them as proceeds of genuine trade-based transactions for availing further loans from the bank. The sanctioned amounts were diverted and siphoned off. Further investigation is under progress.
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