Enforcement Directorate attaches immovable properties worth Rs 2.2 crore linked to Syndicate Bank fraud case

Enforcement Directorate (ED) has attached immovable properties worth Rs 2.2 crore possessed by one S Kumar alias Vijayakumar and bank officials in the Syndicate bank fraud case.
The properties were provisionally attached under the provisions of Prevention of Money Laundering Act, he said. Kumar and others alongwith bank officials of the Bank Housing Finance Branch, Mylapore were chargesheeted under various cases registered by the Central Bureau of investigation for defrauding the bank to the tune of Rs 14.47 crore.

The investigation by ED also revealed that Kumar had availed housing loans and personal loans from the Syndicate bank in the names of his relatives and friends by furnishing forged documents and acquired immovable properties in the name of his friends and relatives.

It was also noticed that about Rs 12 crores was repaid by selling one of the properties so acquired and the balance amount of Rs 2.47 crore is pending repayment, the Joint Director said.