Breaking: ED Unveils Financial Web in Kerala with Major Search Operations Linked to International Loan Fraud
New Delhi
Date: September 2, 2024
The Directorate of Enforcement (ED), Kozhikode Sub-Zonal Office, executed search operations on August 28, 2024, at three locations in Kerala under the Prevention of Money Laundering Act (PMLA), 2002. These searches targeted the residential premises of individuals linked to Ismail Chakkarath, who is under investigation for allegedly routing illicit proceeds from a fraudulent loan scheme involving United Bank Limited, Doha, Qatar.
The probe was initiated following an FIR lodged by the Crime Branch, Economic Offences Wing (EOW), Kannur & Kasargod Unit. The FIR accuses Ismail Chakkarath, a resident of Thuvakkunnu, Kannur, and the operator of M/s Grant Mart Trading in Doha, of fraudulently obtaining a loan amounting to QAR 30,64,320.4 (approximately Rs. 61.28 Crore) from United Bank Limited, Qatar. The funds were purportedly sought to expand his business in Qatar but were neither repaid nor used for the stated purpose.
ED investigations have uncovered that the diverted funds were channeled into investments under fictitious names in Wayanad, Kerala. Specifically, Rs. 2.02 Crore was allocated for the purchase of immovable property, which ultimately did not materialize, leaving the alleged seller in possession of the embezzled funds.
During the recent search operations, ED officials seized Rs. 3.50 Lakh in cash, along with various incriminating documents that provided crucial insights into the case. Additionally, ten bank accounts belonging to Ismail Chakkarath and associated entities were frozen, revealing further evidence of the Proceeds of Crime (POC) being diverted.
The investigation is ongoing as the ED continues to unravel the financial trail and pursue accountability in this significant case of international loan fraud and money laundering. Further updates will be provided as the case progresses.
