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November 9, 2020

Property from ICICI Bank worker

The Enforcement Directorate (ED) has connected movable and immovable residences worth ₹10.20 crore belonging to an ICICI Bank worker. The worker, Vijayasarathi, become published on the financial institution’s Vijayapura department in Karnataka.

Among the eight immovable houses connected provisionally by using the ED, one property is placed in Benagluru, four in Udupi and 3 in Vijayapura. The ED has additionally seized ₹4.89 crore in coins.

Vijayasarathi has been recognized as the mastermind of a fraud that couldn’t be detected via the Risk Control Unit of ICICI Bank, the Enforcement Directorate stated.

The investigation, below the Prevention of Money Laundering Act, 2002 (PMLA), changed into initiated on the basis of a price-sheet filed by using the CID, Karnataka.

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Vijayasarathi, Sachin Annappa Patil and different personnel of ICICI Bank’s Vijayapura Branch committed fraud via the use of canceled cheques, unused cheques, and via fraudulent transfers, according to an announcement from the ED.

They were additionally issuing faux fixed deposit receipts, no longer crediting the coins acquired for credit score within the bank accounts of ICICI Bank, BDCC Bank, and Siddeshwara Co-operative Bank, amongst others, and siphoned off or misappropriated amounts to the song of ₹70.44 crore.

The immovable properties were acquired by means of Vijayasarathi in his name, and also within the call of Renuka Shetty, Sachin A Patil, and Sudeep Shetty, whilst he became the actual beneficial proprietor of such assets, the ED said.

 

Craig Bowen

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