ED attaches properties worth Rs 10.20 crore of ICICI bank employee in alleged fraud case
According to release, seized cash to the tune of Rs 4,88,97,150 has also been provisionally attached in the case under of the PMLA
New Delhi: The Enforcement Directorate (ED) has attached movable and immovable properties worth Rs 10.20 crore in a case of fraud committed by ICICI Bank employee Vijayasarathi in Vijayapura branch of the ICICI Bank in Karnataka, an official release said on Friday.
"The investigation under Prevention of Money Laundering Act, 2002 (PMLA) revealed that accused Vijayasarathi, the mastermind of fraud had parked/utilised/spent the proceeds of crime in immovable properties as well as movable properties," ED release read.
"Immovable properties had been acquired by him in his name and also in the name of Renuka Shetty, Sachin A Patil, and Sudeep Shetty while he was the real beneficial owner of such assets. Among the eight immovable properties attached provisionally by ED, one property is located in Bengaluru, four properties are in Udupi and three properties are located in Vijayapura," it said.
According to release, seized cash to the tune of Rs 4,88,97,150 has also been provisionally attached in the case under of the PMLA. Investigation under the Prevention of Money Laundering Act, 2002 (PMLA) was initiated on the basis of FIRs and subsequent charge sheet filed by CID, Karnataka.
"It was alleged in the charge sheet that Vijayasarathi, Sachin Annappa Patil and other employees of the ICICI Bank, Vijayapura branch committed fraud by using the cancelled cheques, unused cheques, through fraudulent transfers, issuing fake Fixed Deposit receipts, not crediting the cash which was receipt for credit in the Bank accounts of ICICI Bank, BDCC Bank, Siddeshwara Co-operative Bank, etc and siphoned off/misappropriated amount to the tune of Rs 70.44 crore," the ED release said.
"Thus, wrongful loss to the tune of Rs 70.44 crore was caused to the ICICI Bank. The fraud could not be detected by the Risk Control Unit of the ICICI Bank," it further said. Further, investigations in the case are in progress.
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