ED Attaches Rs. 50 Lakh in Assets Linked to HDFC Bank Fraud Case Involving UPSCIDC
(Judicial Quest News Network)
Lucknow, October, 24,2024. The Lucknow zonal office of the Directorate of Enforcement (ED) has provisionally attached assets worth ₹50 lakh belonging to M/s Consultshah Financial Services Pvt. Ltd. as part of an ongoing investigation into a significant fraud case associated with the Uttar Pradesh State Construction and Infrastructure Development Corporation Ltd. (UPSCIDC) and HDFC Bank. This action was taken under the Prevention of Money Laundering Act (PMLA), 2002, in connection with unauthorized transactions that have raised serious legal and financial concerns.
The investigation by the ED was prompted by an FIR filed by the Uttar Pradesh Police at the Gazipur Police Station in Lucknow. This FIR cites various sections of the Indian Penal Code, 1860, related to the alleged unauthorized withdrawals from UPSCIDC’s bank account at HDFC Bank’s Lekhraj Branch. The police subsequently filed a chargesheet against two individuals: Abhay Shukla, who served as the Relationship Manager at HDFC Bank, and Akhtar Hussain Khan, the proprietor of M/s A.R. Associates.
Upon examining the transactions, the ED discovered that fraudulent RTGS (Real Time Gross Settlement) instructions and manipulation of customer details were employed to siphon off ₹3.81 crore from UPSCIDC’s account. These illicit funds were transferred into two accounts linked to M/s A.R. Associates. Alarmingly, ₹2.98 crore of this amount was withdrawn in cash over multiple successive days, indicating a deliberate attempt to obscure the trail of these funds.
Additionally, ₹50 lakh was transferred to M/s Consultshah Financial Services Pvt. Ltd. as part of an accommodation entry for cash, further complicating the web of deceit. The ED has classified these siphoned funds as Proceeds of Crime (POC) and has moved to attach the assets to prevent any further dissipation or concealment.
The ED’s action underscores its commitment to tackling financial crimes and maintaining the integrity of the banking system. As investigations continue, authorities remain vigilant in uncovering the full extent of this fraudulent scheme and holding those responsible accountable.
