Key insights
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1
ED alleges benami accounts and asset growth without satisfactory explanation: ED said searches uncovered 15 bank accounts allegedly held by benamis of P.V. Anvar and said Anvar could not satisfactorily explain asset growth from ₹14.38 crore in 2016 to ₹64.14 crore in 2021 while declaring negative income during 2015–2020.
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2
ED links loan sanctions to fund diversion and use of nominal company roles: ED said preliminary evidence indicates diversion of sanctioned funds, use of nominal shareholders and directors, and suspected benami ownership of assets in connection with KFC loans to Malamkulam Constructions and Pee Vee Aar Developers.
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3
ED cites procedural lapses by KFC officials in collateral and valuation checks: ED said KFC officials’ statements indicated non-verification of prior mortgages, reuse of the same collateral for subsequent loans, reuse of valuation reports without fresh inspection, and undetected earlier encumbrances.
Takeaways
ED questioning and evidence seizures form part of an ongoing probe into suspected money laundering and alleged fraudulent KFC loan sanctions involving P.V. Anvar and connected entities.
Topics
World & Politics Corruption & Accountability Investigations Law & Public Safety Crime & Justice