ED arrests 11 people in Rs 45 cr Chennai Port fraud case

Chennai, Mar 10 : The Enforcement Directorate (ED) has arrested 11 people in connection with the Rs 45 crore Chennai Port Trust Term Deposit fraud case. An ED release here said the arrests were made in relation to the money laundering case for defrauding the Chennai Port Trust to the tune of Rs 45 crore. Those arrested were P.V. Sudalaimuthu, M. Vijay Heralld, M. Rajesh Singh, S. Siyad, K. Zakir Hussain, Suresh Kumar, Ganesh Natarajan, V. Manimozhi, J. Selvakumar, A. Sermathiraja and Arun Anbu. The ED had initiated money laundering investigation on the basis of an FIR registered by the CBI, ACB, Chennai. It had searched 15 premises across Tamil Nadu in June 2021. During the course of investigation, the suspected persons were examined and it was found that the proceeds of the crime, that is, the money obtained out of liquidation of the Fixed Deposits pertaining to Chennai Port Trust were invested in acquiring more than 230 acres of land, several plots, vehicles, gold and deposits and the same were attached in December 2021 and February 2022. During the course of investigation, it was also found out that the suspected persons had submitted fake Fixed Deposit receipts in Chennai Port Trust. They had fraudulently liquidated the fixed deposits within a couple of days after the opening of the deposit with the help of original Fixed Deposit receipts retained by them. β€œIt was found that an amount of over Rs 45 crore was fraudulently transferred to a fake current account in the name and style of Chennai Port Trust – General Insurance Fund. Around Rs 15.25 crore was withdrawn by cash from the said fake current account by impersonating as Deputy Director, Finance of Chennai Port Trust. The remaining amount of around Rs 31.65 crore was transferred to several accounts vide more than 49 transactions and subsequently withdrawn as cash from those accounts upon luring the account holders in lieu of small commission,” , the release said. GV 1425

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