ED arrests 11 people involved in Chennai Port Trust ‘Term Deposit’ fraud

T.E. Raja Simhan | | Updated on: Mar 09, 2022

The ill-gotten wealth was invested in acquiring 230 acres of land, several plots, vehicles, gold and deposits 

Enforcement Directorate (ED) has arrested 11 key persons involved in the ₹45.05 crore Chennai Port Trust (ChPT) Term Deposit Money Laundering case. The ED initiated investigation based on the FIR registered by the CBI, ACB, Chennai.

The department had searched 15 premises across Tamil Nadu in June 2021. During the investigation, the suspects were examined and it was found that the proceeds of the crime were invested in acquiring over 230 acres of land, several plots, vehicles, gold, and deposits. These were attached in December 2021 and February 2022, says an ED release.

It was also found that the suspects had submitted fake FD receipts with the ChPT. They had fraudulently liquidated the FD within couple of days of opening with the help of original receipts retained by them.

Also, ₹45.40 crore was fraudulently transferred to a fake current account in the name and style of ChPT- General Insurance Fund. Around ₹15.25 crore was withdrawn from the said account by impersonating as Deputy Director, Finance of ChPT.

The remaining ₹31.65 crore was transferred to several accounts vide over 49 transactions and subsequently withdrawn the cash by luring the account holders in lieu of small commission.

Further investigation is in progress, the release said.

Published on March 09, 2022
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