Enforcement Directorate arrests 11 persons in Chennai Port Trust fixed deposit fraud case

The Enforcement Directorate (ED) has arrested 11 persons involved in Chennai Port Trust - Term Deposit fraud.  An ED press release said, 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 were arrested in relation to the money laundering case for defrauding over ₹45 crore belonging to Chennai Port Trust. 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. “It was found that an amount of over ₹45 crore was fraudulently transferred to a fake current account in the name and style of Chennai Port Trust - General Insurance Fund. Around ₹15.25 crore was withdrawn by cash from the said fake current account by impersonating as Deputy Director, Finance of Chennai Port Trust.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amount of around ₹31.65 crore was transferred to several accounts vide more than 49 transactions and subsequently withdrawn as cash from those accounts upon luring the account holders in lieu of small commission,” , according to a statement from the ED.