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The Enforcement Directorate (ED) has attached movable and immovable properties worth ₹10.20 crore belonging to an ICICI Bank employee. The employee, Vijayasarathi, was posted at the bank’s Vijayapura branch in Karnataka.
Among the eight immovable properties attached provisionally by the ED, one property is located in Benagluru, four in Uduppi and three in Vijayapura. The ED has also seized ₹4.89 crore in cash.
Vijayasarathi has been identified as the mastermind of a fraud that could not be detected by the Risk Control Unit of ICICI Bank, the Enforcement Directorate said.
The investigation, under the Prevention of Money Laundering Act, 2002 (PMLA), was initiated on the basis of a charge-sheet filed by the CID, Karnataka.
Vijayasarathi, Sachin Annappa Patil and other employees of ICICI Bank’s Vijayapura Branch committed fraud by using cancelled cheques, unused cheques, and through fraudulent transfers, according to a statement from the ED.
They were also issuing fake fixed deposit receipts, not crediting the cash received for credit in the bank accounts of ICICI Bank, BDCC Bank, and Siddeshwara Co-operative Bank, among others, and siphoned off or misappropriated amounts to the tune of ₹70.44 crore.
The immovable properties were acquired by Vijayasarathi in his name, and also in the name of Renuka Shetty, Sachin A Patil, and Sudeep Shetty, while he was the real beneficial owner of such assets, the ED said.
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