ED Raids Kerala Man Accused in Qatar Bank Fraud Case

New Delhi: The Enforcement Directorate on Monday said it conducted searches in a case of an alleged over Rs 61 crore fraud perpetrated against a Qatar-based bank by a Kerala man.

The raids were carried out on August 28 in three locations of the state on the residential premises of individuals associated with Ismail Chakkarath, suspected of routing illegal proceeds generated by duping United Bank Limited in Doha, Qatar, the federal agency said in a statement.

Details of the Fraudulent Scheme and Investigation

The money-laundering case stems from an FIR filed by the crime branch and economic offences wing of the Kerala Police (Kannur and Kasaragod districts) on the allegations that Chakkarath, a resident of Thuvakkunnu in Kannur, was running a firm called Grant Mart Trading in Doha.

The accused Chakkarath went to Qatar to expand his business and took a loan aggregating QAR 3,06,43,204 (equivalent to Rs 61.28 crore) from the United Bank Limited. After availing himself of the loan, he neither paid back the amount nor used it for expanding his business, the Enforcement Directorate (ED) said.

Diversion of Funds and Ongoing Investigations

The loan amount, the ED said, was "diverted and invested" under "benami" names in Kerala's Wayanad district.

"Funds to the tune of Rs 2.02 crore were diverted for the purchase of one immovable property, which later did not materialise," it said.

Cash of Rs 3.50 lakh and "incriminating" documents were seized during the searches, apart from the freezing of 10 bank accounts of Chakkarath and related entities, the ED said. 

(With PTI inputs)