Newsbytes
  • India
  • Business
  • World
  • Politics
  • Sports
  • Technology
  • Entertainment
  • Auto
  • Lifestyle
  • Inspirational
  • Career
  • Bengaluru
  • Delhi
  • Mumbai
  • Videos
  • Visual Stories
  • Reviews
  • Phone Reviews
  • Fitness Bands Reviews
  • Speakers Reviews
  • Find Cricket Statistics
Hindi
More
Newsbytes
Hindi
Newsbytes
User Placeholder

Hi,

Logout


India
Business
World
Politics
Sports
Technology
Entertainment
Auto
Lifestyle
Inspirational
Career
Bengaluru
Delhi
Mumbai
Videos
Visual Stories
Reviews
Phone Reviews
Fitness Bands Reviews
Speakers Reviews
Find Cricket Statistics

More Links
  • Videos

Download Android App

Follow us on
  • Facebook
  • Twitter
  • Linkedin
  • Youtube
 
Home / News / Bengaluru News / Syndicate Bank branch fraud: Assets worth Rs. 5 crore attached
Bengaluru

Syndicate Bank branch fraud: Assets worth Rs. 5 crore attached

Syndicate Bank branch fraud: Assets worth Rs. 5 crore attached
Written by Varnika Sharma
(Sourced from PTI)
Jul 28, 2021, 05:46 pm 2 min read
Syndicate Bank branch fraud: Assets worth Rs. 5 crore attached
Investigation in the case was initiated on the basis of an FIR filed by the Bengaluru Police

The Enforcement Directorate (ED) on Wednesday said it has attached assets worth about Rs. 5 crore in connection with a money-laundering probe linked to alleged fraud in a Syndicate Bank branch in Bengaluru. The central probe agency said its investigation in the case was initiated on the basis of an FIR filed by the Bengaluru police some time back.

Probe
ED claimed that Akkash is mastermind of the entire conspiracy

The FIR was filed against Vijay Akkash, Mohamed Musthafa, MD Jairam (the then Assistant Branch Manager of Syndicate Bank, Uttarahalli branch in Bengaluru), and others. The ED claimed in a statement that Akkash is the "mastermind" of the entire conspiracy along with Jairam, Nagaraju, Revenna, Siddagangaiah, and others.

Statement
Akkash opened a fake account in the name of KSAMB

It said Akkash "opened a fake current account in the Syndicate Bank branch in the name of Karnataka State Agricultural Marketing Board (KSAMB)." The fake account was operated by Musthafa who was impersonating the account officer of KSAMB, based on the fake and fabricated documents such as board resolution, ID card, letterhead of KSAMB, etc, the statement said.

Information
Musthafa transferred Rs. 47,16,62,500 into various bank accounts

The agency claimed they succeeded in transferring Rs. 50 crore to a fake current account and Musthafa with the help of bank officer Jairam and others transferred Rs. 47,16,62,500 into various bank accounts belonging to entities and persons who acted as accomplices to the conspiracy.

Allegation
The bank accounts were used to withdraw money: ED

"The bank accounts of each of those entities or persons were used to withdraw money in the form of cash and to buy jewelry, land by accused and their accomplices," the ED alleged. Properties worth a total of Rs. 4.98 crore in the form of bank balance, jewelry, etc. have been provisionally attached under the provisions of the Prevention of Money Laundering Act.

Share this timeline
Facebook
Whatsapp
Twitter
Linkedin
Varnika Sharma <br/><i>(Sourced from PTI)</i>
Varnika Sharma
(Sourced from PTI)
Twitter
Varnika Sharma is a lifestyle writer at NewsBytes. She started her career with NewsBytes and her work has focused on national and lifestyle news. She has a Bachelor’s degree in Journalism and Mass Communication from Bennett University, Noida, and an advanced diploma in Media Laws from NALSAR University of Law, Hyderabad.
Latest
Bengaluru
Enforcement Directorate (ED)
Money Laundering Case
Related
Latest
IPL 2022: SRH beat MI, stay alive in playoffs race
IPL 2022: SRH beat MI, stay alive in playoffs race Sports
SC extends demolition of Noida's Supertech twin towers: Details here
SC extends demolition of Noida's Supertech twin towers: Details here Business
Centre eases ban on wheat export: Here are more details
Centre eases ban on wheat export: Here are more details Business
Varanasi court removes Gyanvapi Mosque survey commissioner for leaking information
Varanasi court removes Gyanvapi Mosque survey commissioner for leaking information India
Chattogram Test, Day 3: Tamim's ton powers Bangladesh to 318/3
Chattogram Test, Day 3: Tamim's ton powers Bangladesh to 318/3 Sports
Bengaluru
Karnataka: After hijab row, Bible in school triggers controversy
Karnataka: After hijab row, Bible in school triggers controversy India
Top 5 wedding destinations in south India
Top 5 wedding destinations in south India Lifestyle
CBI didn't revoke lookout circular despite court order: Aakar Patel
CBI didn't revoke lookout circular despite court order: Aakar Patel India
IND vs SL, M Chinnaswamy Stadium: Pitch report and stats
IND vs SL, M Chinnaswamy Stadium: Pitch report and stats Sports
IND vs SL, 2nd Test: Match preview, stats, and more
IND vs SL, 2nd Test: Match preview, stats, and more Sports
More News
Enforcement Directorate (ED)
Coal scam: SC allows ED to interrogate Abhishek Banerjee, wife
Coal scam: SC allows ED to interrogate Abhishek Banerjee, wife India
CBI raids P Chidambaram's son Karti Chidambaram in 'bribe-for-visa' case
CBI raids P Chidambaram's son Karti Chidambaram in 'bribe-for-visa' case India
ED arrests IAS officer Pooja Singhal in money laundering case
ED arrests IAS officer Pooja Singhal in money laundering case India
Xiaomi alleges coercion by Enforcement Directorate; China seeks fair treatment
Xiaomi alleges coercion by Enforcement Directorate; China seeks fair treatment Business
Karnataka HC stays ED's seizure of Xiaomi's assets: Details here
Karnataka HC stays ED's seizure of Xiaomi's assets: Details here Business
More News
Money Laundering Case
SC rejects Nawab Malik's plea in money laundering case
SC rejects Nawab Malik's plea in money laundering case India
US fines National Bank of Pakistan for anti-money laundering violations
US fines National Bank of Pakistan for anti-money laundering violations World
Yes Bank founder Rana Kapoor gets bail in fraud case
Yes Bank founder Rana Kapoor gets bail in fraud case Business
Former Maharashtra Minister Anil Deshmukh sent to 14-day judicial custody
Former Maharashtra Minister Anil Deshmukh sent to 14-day judicial custody India
Maharashtra: Anil Deshmukh sent to ED custody till November 6
Maharashtra: Anil Deshmukh sent to ED custody till November 6 Politics
More News
Related
Deshmukh received Rs. 4cr from 10 bar-owners for 3-months: ED
Deshmukh received Rs. 4cr from 10 bar-owners for 3-months: ED India
Next News Article
Next News Article

Love Bengaluru news?

Subscribe to stay updated.

Bengaluru Thumbnail
India News Business News World News Politics News Sports News Technology News Entertainment News Auto News Lifestyle News Inspirational News
Career News Bengaluru News Delhi News Mumbai News Mukesh Ambani Indian Premier League (IPL) Karnataka Samsung Xiaomi West Bengal
Bihar Virat Kohli Rohit Sharma Haryana Narendra Modi Arvind Kejriwal Tamil Nadu Gujarat Yogi Adityanath YouTube
Instagram Hollywood News Uttar Pradesh Kerala Netflix Bollywood News Mamata Banerjee Maruti Suzuki Rahul Gandhi Elon Musk
Shah Rukh Khan Chelsea FC OPPO Akhilesh Yadav Indian Cricket Team Apple Manchester United Salman Khan Cryptocurrency OnePlus
Amitabh Bachchan ICC Women's World Cup Vivo India vs Sri Lanka
About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive IPL 2022 Schedule IPL 2022 Points Table Find Cricket Statistics
Follow us on
Facebook Twitter Linkedin Youtube
All rights reserved © NewsBytes 2022