The Enforcement Directorate (ED) has attached movable and immovable properties worth ₹10.20 crore belonging to an ICICI Bank worker. The employee, Vijayasarathi, was published at the financial institution’s Vijayapura department in Karnataka.
Among the eight immovable homes connected provisionally with the aid of the ED, one belonging are positioned in Bengaluru, 4 in Udupi and 3 in Vijayapura. The ED has additionally seized ₹four.89 crore in cash.
Vijayasarathi has been identified because the mastermind of a fraud that couldn’t be detected using the Risk Control Unit of ICICI Bank, the Enforcement Directorate stated.
The research, underneath the Prevention of Money Laundering Act, 2002 (PMLA), became initiated on the idea of a charge-sheet filed using the CID, Karnataka.
Vijayasarathi, Sachin Annappa Patil and other employees of ICICI Bank’s Vijayapura Branch committed fraud by using the usage of canceled cheques, unused cheques, and thru fraudulent transfers, according to an announcement from the ED.
They had also been issuing faux constant deposit receipts, not crediting the cash obtained for credit within the bank accounts of ICICI Bank, BDCC Bank, and Siddeshwara Co-operative Bank, among others, and siphoned off or misappropriated amounts to the music of ₹70.44 crore.
The immovable properties were acquired by Vijayasarathi in his call, and also in the call of Renuka Shetty, Sachin A Patil, and Sudeep Shetty, while he became the real beneficial proprietor of such property, the ED said.