Source : INDIA TODAY NEWS
The Enforcement Directorate (ED) has filed a supplementary prosecution complaint against five accused persons, including Ayub Sayyed, in connection with the alleged laundering of approximately 14.95 crore siphoned from the Dr BR Ambedkar Development Corporation Ltd. (ADCL) through a bank fraud in Bengaluru.
The ED’s Bangalore Zonal Office filed the complaint before the Special Court under the Prevention of Money Laundering Act (PMLA) in Bengaluru on October 5, 2026.
advertisement
The ED initiated its investigation based on an FIR registered by the Central Bureau of Investigation’s Anti-Corruption Branch (CBI-ACB) in Bengaluru under various sections of the Indian Penal Code (IPC) and the Prevention of Corruption Act, 1988. These offences are scheduled offences under the PMLA, 2002.
The investigation revealed that the accused allegedly opened a fake current account in the name of ADCL at the State Bank of Mysore’s HAL II Stage branch in Bengaluru using forged documents and impersonation.
According to the ED, four fixed deposits worth Rs 5 crore each, belonging to ADCL, were subsequently closed prematurely using forged term deposit receipt (TDR) and fixed deposit receipt (FDR) instruments, along with fabricated pre-closure letters. This allegedly resulted in the syphoning of approximately Rs 14.95 crore, which the agency identified as proceeds of crime under the PMLA.
The ED further found that the proceeds of crime were layered and laundered through multiple bank accounts belonging to individuals and entities. The funds were subsequently transferred and withdrawn in cash to conceal their origin.
Statements recorded by the agency under Section 50 of the PMLA also revealed that the funds were knowingly received, transferred and withdrawn as part of the alleged money laundering process.
Earlier, on March 25, 2026, the ED had filed a prosecution complaint before the Special Court (PMLA) in Bengaluru against 15 accused persons and entities allegedly involved in the money laundering offence. The agency had also sought the confiscation of assets worth approximately 6.02 crore belonging to the accused.
Additionally, the ED issued a second provisional attachment order on July 22, 2026, attaching an immovable asset worth 24 lakh belonging to one of the accused.
– Ends
SOURCE :- TIMES OF INDIA
