ED Files Charges Against Ayub Syed and Four Others in Bengaluru Money Laundering Case
The Enforcement Directorate has filed a chargesheet against Ayub Syed and four others in a money laundering case in Bengaluru.
Bengaluru, October 14 (Daily Kiran) : The Enforcement Directorate (ED) has filed a chargesheet against Ayub Syed and four other accused individuals in a money laundering case at a special court in Bengaluru. This action follows an investigation initiated based on various FIRs registered under the Indian Penal Code and the Prevention of Corruption Act, 1988 by the CBI and the Anti-Corruption Bureau.
According to an official statement from the ED, the investigation revealed that a fraudulent current account was opened in the name of the Dr. B.R. Ambedkar Development Corporation Limited (ADCL) at the State Bank of Mysore, HAL-II Stage branch in Bengaluru. This was done using forged documents and false identities.
The investigation further indicated that four fixed deposits of ₹5 crore each belonging to ADCL were prematurely closed using fake TDR/FDR instruments and counterfeit pre-closure letters. This led to a total embezzlement of approximately ₹14.95 crore, which constitutes proceeds of crime under the Prevention of Money Laundering Act (PMLA), 2002.
Additionally, the ED’s inquiry uncovered that the money obtained from these criminal activities was laundered through various bank accounts belonging to different individuals and entities. Transfers and cash withdrawals were executed to conceal the source of these funds. Statements recorded under Section 50 of the PMLA revealed that this amount was intentionally acquired, transferred, and withdrawn as part of the laundering process.
Previously, on March 25, 2026, the ED had filed a prosecution complaint against 15 accused individuals/entities involved in the money laundering case at the same special court, seeking the attachment of assets worth approximately ₹6.02 crore. Subsequently, on July 22, 2026, a second provisional attachment order was issued, resulting in the seizure of ₹24 lakh worth of property belonging to one of the accused. The ED continues its investigation into the matter.
