Enforcement Directorate attaches assets worth ₹5.74 crore in Chennai port deposit fraud case

This included 230 acres of land, 20 plots, gold, vehicles and bank deposits.

The Enforcement Directorate (ED) has attached around 47 properties, including 230 acres of land, 20 plots, gold, vehicles and bank deposits, adding up to ₹5.74 crore, in the term deposit fraud case pertaining to Chennai Port Trust (CPT).

In a statement, the ED said it searched more than 15 premises across Tamil Nadu in June. During the course of investigation, it was found that the suspects had submitted fake fixed deposit receipts (FDRs) in CPT’s name at the Koyambedu branch of the Indian Bank. By retaining the original receipts, they fraudulently liquidated the deposits a couple of days later. It was found that an amount of ₹45.40 Crore was fraudulently transferred to a fake current account in the name of CPT.

Around ₹15.25 crore was withdrawn as cash from the current account by someone impersonating the deputy director of finance of CPT. The remaining ₹31.65 crore was transferred to several bank accounts through more than 49 transactions and subsequently withdrawn as cash by luring the account holders in lieu of a small commission, the ED said.

The suspected persons were examined, and it was revealed that the proceeds of the crime i.e., the money obtained out of the liquidation of the fixed deposits were invested in purchase of movable and immovable assets, and the same were attached on December 24, it added.

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