The Directorate of Enforcement 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), alleging that public funds were siphoned through a fraudulent bank account and forged fixed-deposit documents.
According to the ED’s investigation, a fake current account in ADCL’s name was opened at the State Bank of Mysore’s HAL II Stage branch using forged documents and impersonation. The agency said the account was used in a scheme involving four fixed deposits belonging to ADCL.
The four deposits, each valued at Rs 5 crore, were allegedly closed prematurely using forged term deposit receipts or fixed deposit receipts and fabricated pre-closure letters. The resulting transactions led to the diversion of approximately Rs 14.9 crore, which the ED has identified as proceeds of crime.
The agency said the funds were routed through multiple bank accounts held by individuals and entities. Transfers and cash withdrawals were then allegedly used to conceal the origin of the money. The allegations form part of the prosecution complaint filed before the relevant special court.
The supplementary complaint follows an earlier prosecution complaint filed by the ED on March 25 against 15 accused and entities in connection with the case. At that stage, the agency sought confiscation of assets worth approximately Rs 6 crore that it linked to the alleged offence.
The investigation has also resulted in a second provisional attachment order. Issued on July 22, the order covered an immovable asset valued at Rs 24 lakh belonging to one of the accused, according to the ED. The attachment is separate from the assets valued at approximately Rs 6 crore mentioned in the agency’s earlier complaint.
The case places the alleged misuse of banking instruments and public deposits at the centre of the investigation. The ED’s account refers to forged documents, impersonation, premature closure of fixed deposits and subsequent movement of funds across accounts as the mechanisms used in the alleged diversion.
The filing of a prosecution complaint is a further step in the agency’s proceedings and does not by itself establish guilt. The allegations will be considered through the judicial process. The ED’s stated action in the matter is focused on prosecution and the attachment or confiscation of assets linked to the alleged proceeds of crime.
