ED raids real estate company Heera Constructions in Trivandrum
Feb 16, 2023
New Delhi [India], February 16 : Directorate of Enforcement (ED) has conducted a search on the premises of Heera Constructions in Thiruvananthapuram, an official said on Thursday.
The official said that the action was taken under the Prevention of Money Laundering Act, 2002 on February 14.
The searches were conducted on the three business premises including the residence of the Managing Director of the company Abdul Rasheed.
"Three premises of the company namely Heera Constructions Company Pvt. Ltd. (HCCPL), Thiruvananthapuram, Heera College of Engineering and Technology and residential premises of Abdul Rasheed and his family members, who are the Managing Director and other directors of HCCPL were searched on February 14 under the Prevention of Money Laundering Act, 2002,"
ED initiated an investigation under the provisions of PMLA based on the FIR registered by the CBI, ACB, Cochin against Heera Construction Company Private Limited, Abdul Rasheed and his four family members, who availed various credit facilities from the Kowdiar Branch of erstwhile State Bank of Travancore (e-SBT) to the tune of about Rs 9.90 Crore for the project "Heera Lake Front" and alienated the property mortgaged as primary security and collateral security, without the consent of the Bank.
During the course of the ongoing investigation, enquiries conducted by ED revealed that Abdul Rasheed, Heera Constructions Company Pvt. Ltd has taken a cash credit loan from the State Bank of Travancore and defaulted the loan to the tune of an outstanding amount of Rs 21 Crore approximately as on September 2022.
During the course of the search, details regarding 63 immovable properties worth Rs 45 crore approximately and the considerable number of bank accounts held in the names of HCCPL and its directors were unearthed along with crucial digital and documentary evidence.
