Bengaluru: Directorate of Enforcement (ED) has filed a supplementary prosecution complaint against five accused, including Ayub Sayyed, in a Rs 14.9 crore money laundering case involving Dr BR Ambedkar Development Corporation Ltd (ADCL).According to ED’s investigation, a fake current account in the name of ADCL was opened fraudulently at State Bank of Mysore’s HAL II Stage branch using forged documents and impersonation.Investigators found that four fixed deposits worth Rs 5 crore each, belonging to ADCL, were prematurely closed using forged term deposit receipts/fixed deposit receipts (TDR/FDRs) and fabricated pre-closure letters. This resulted in the siphoning of approximately Rs 14.9 crore, which the agency has identified as proceeds of crime.ED stated that the proceeds of crime were routed through multiple bank accounts belonging to individuals and entities, followed by transfers and cash withdrawals, to conceal the origin of the funds.On March 25, ED had filed a prosecution complaint before a special court against 15 accused and entities, seeking confiscation of assets worth approximately Rs 6 crore linked to the crime.The agency subsequently issued a second provisional attachment order on July 22, attaching an immovable asset worth Rs 24 lakh belonging to one of the accused.The supplementary complaint filed on Oct 5 marks a further step in ED’s investigation into the diversion of public funds and the laundering of the proceeds.
