Chennai Port trust fraud: ED attaches Rs 5.74 crore worth assets


Chennai Port trust fraud: ED attaches Rs 5.74 crore worth assets

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Enforcement Directorate has attached around 47 properties total valueing at 5.74 crore rupees in connection with Term Deposit Fraud pertaining to Chennai Port Trust. The attached properties include 230 acres of land, 20 plots, Gold, Vehicle and Bank Deposits. During the course of investigation it was found that the suspected persons had submitted fake Fixed Deposit Receipts in Chennai Port Trust.

By retaining the original Fixed Deposits Receipts, they had fraudulently liquidated the fixed deposits within a couple of days after the opening of the Fixed Deposits. It was found that an amount of over 45 crore rupees was fraudulently transferred to a fake current account in the name of Chennai Port Trust. During the investigation, the suspected persons were examined and it was revealed that the money obtained out of liquidation of the Fixed Deposits pertaining to Chennai Port Trust were invested in purchase of movable and immovable assets.



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