ED conducts raids in Thiruvananthapuram in loan fraud case
The Enforcement Directorate (ED) has conducted raids at the office of Heera Constructions Company Pvt Ltd., (HCCPL) and at the residential premises of its MD and directors in Thiruvananthapuram, in connection with a loan fraud case, an official said on Thursday.
IANS
Feb 16, 2023 08:41
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New Delhi, Feb 16 (IANS) The Enforcement Directorate (ED) has conducted raids at the office of Heera Constructions Company Pvt Ltd., (HCCPL) and at the residential premises of its MD and directors in Thiruvananthapuram, in connection with a loan fraud case, an official said on Thursday.
An official said that the raids were conducted on February 14 at HCCPL's office, Heera College of Engineering and Technology and at the residence of MD Abdul Rasheed and his family members, and other directors of the company -- all in Thiruvananthapuram.
The ED initiated an investigation under the provisions of the PMLA, on the basis of an FIR registered by the CBI against HCCPL, Rasheed and his four family members. They were accused of availing various credit facilities from the Kowdiar Branch of the erstwhile State Bank of Travancore to the tune of Rs 9.90 crore for the project "Heera Lake Front".
Rasheed and the firm took a cash credit loan from the State Bank of Travancore and defaulted on the loan to the tune of an outstanding amount of Rs 21 crore, the ED said.
"During the searches, details regarding 63 immovable properties worth Rs 45 crore and a considerable number of bank accounts held in the name of HCCPL and its directors were unearthed along with crucial digital and documentary evidence," said the official.
