Probe into case of loan misappropriation by Ex-MLA Anvar reveals financial irregularities: ED
Malappuram(Kerala) (PTI): The Enforcement Directorate (ED) probing the alleged loan misappropriation by former MLA P V Anvar from Kerala Financial Corporation (KFC) said on Saturday that it has unearthed financial irregularities linked to the political leader’s business dealings.
ED has carried out raids on the residences and businesses of Anvar here on Friday.
The ED is probing about the Rs 7.5 crore loan, the KFC had granted to Malamkulam Constructions in 2015.
Later, loans to the tune of Rs 3.05 crore and Rs 1.56 crore were sanctioned to Pee Vee Aar Developers, using the same collateral properties within a short interval, resulting in a total NPA of approximately Rs. 22.3 Crore, a statement from ED said.
As many as 15 bank accounts held in the names of different persons, alleged to be benamis, from which suspected transactions have taken place, were identified, the statement said.
The seized materials are being examined to identify the Proceeds of Crime, quantify the diversion of loan funds, establish the layering mechanism and determine the extent of benami holdings.
According to ED, preliminary evidence indicates diversion of the sanctioned funds, use of nominal shareholders and directors, and suspected benami ownership of assets.
"During the searches, Anvar admitted to being the real beneficial owner of Malamkulam Constructions, despite the company being held in the names of his nephews and driver. He confirmed that loan amounts were used for the large township project Pee Vee Aar (PVR) Metro Village," ED said.
According to ED, the statements of his associates revealed that documents were routinely signed at his instruction, funds were diverted to associated entities, and certain cash collections were handled outside regular accounting channels.
It is also found that certain buildings were constructed in PVR Metro Village by Malamkulam Constructions Pvt Ltd without proper approvals from the local regulatory body, and Proceeds of Crime have been infused in the said construction, ED said.
ED officials said that searches at the premises of Bis Manjeri LLP and PVR Metro Village indicated extensive construction and commercial activity, including schools, amusement parks, resorts, villa projects, and apartment blocks.
“Evidence collected suggests transfer of loan proceeds between related entities and utilisation for purposes unrelated to sanctioned activities. During the searches, various incriminating documents and digital evidence related to sale agreements, financial documents and property papers, multiple records and digital devices, have been seized," ED said.
According to ED, statements of KFC officials recorded during the operation revealed procedural lapses, non-verification of prior mortgages, and re-use of the same collateral for subsequent loans.
"The Technical Officer admitted that valuation reports were reused without fresh inspection, and the legal officer acknowledged that earlier encumbrances went undetected," the statement by ED said.
ED initiated the investigation after the Kerala Vigilance and Anti-Corruption Bureau (VACB) recently registered a corruption case related to loan misappropriation at the KFC Malappuram office.
Last month, the ED recorded the statement of Murugesh Narendran, the complainant in the VACB case.
Anvar, a former MLA from Nilambur, parted ways with the LDF following differences and later contested the Assembly by-election on an All India Trinamool Congress ticket early this year.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Ayush signs off with silver at Badminton Asia Championships
Ningbo (China) (PTI): India's Ayush Shetty signed off with a silver medal after his giant-killing run ended in a straight-game loss to world No. 2 Shi Yu Qi in the final of the Badminton Asia Championships here on Sunday.
The 20-year-old from Mangalore struggled to find his rhythm, going down 8-21, 10-21 to the reigning world champion from China, as India's 61-year wait for a men's singles gold at the event continued.
Despite the loss, it was a creditable campaign from the unseeded youngster, who became only the second Indian men's singles player after Dinesh Khanna to reach the final of the continental showpiece.
Khanna remains the only Indian singles champion at the event, having won the title in 1965. Since then, only the men's doubles pair of Satwiksairaj Rankireddy and Chirag Shetty have lifted the trophy, winning it in 2023.
World No. 25 Ayush entered the contest on the back of defeats to Shi at the Malaysia Super 1000 earlier this year and the Indonesia Masters last season. However, he had played with far greater control and attacking clarity this week, toppling world No. 1 Kunlavut Vitidsarn, world No. 4 Jonatan Christie and world No. 7 Li Shi Feng en route to the final.
However, the Indian, a product of the Padukone-Dravid Centre for Sports Excellence in Bengaluru, failed to counter the tactical discipline of Shi, who used his repertoire of strokes and deception to deny Ayush the opportunity to play his natural attacking game.
Shi dictated the geometry of the court from the outset, controlling the net exchanges and forcing Ayush into the forecourt battle early. The variation in the Chinese player’s game blunted the Indian’s attack, as his smashes lacked precision and he succumbed to scoreboard pressure, leading to rushed shot-making.
Shi Yu Qi logged the opening points with two fine net dribbles to race to a 4-0 lead, as Ayush’s smashes lacked precision early on and he trailed 2-6. A long rally ended with the Chinese player going wide, offering the Indian some respite. A deceptive net shot helped Shi move to 7-4, and he extended the lead to 11-6 as Ayush struggled for control, committing a string of unforced errors.
Shi mixed it up effectively, producing a lovely drop shot and repeatedly drawing the Indian to the forecourt with cross returns like a metronome, forcing errors. Two down-the-line smashes gave Shi a massive cushion of game points, and he sealed the opening game when Ayush sprayed a return wide.
The Indian needed a complete reset to stay alive, and he responded with a thunderous straight smash before diving on both flanks to keep the shuttle in play and move to 3-1 in the second game. Shi continued to test Ayush with backhand deceptive net strokes and pushes to the deep, but the Indian managed to retrieve everything and even found his precision in time, with an on-the-line smash confirmed by Hawk-Eye and a well-constructed rally taking him to 7-2.
However, he couldn't hold on to the momentum as the Chinese clawed back to 7-7 after two long shots and a smash into the net from Ayush. A return that kissed the backline from Shi, followed by another error from Ayush at the net and a return into the net, handed the Chinese the advantage once again at the interval, as he led 11-8.
Shi’s ability to place the shuttle into empty spaces with his repertoire of strokes, often punctuated by a fierce smash, made life difficult for the Indian as he stretched the lead to 13-8. Soon, the Chinese was up 15-9 with another powerful smash.
A body return followed by a straight smash took him to 17-9, and another long shot from Ayush further dented his chances. A perfectly angled smash into the forehand corner brought Shi within two points of victory. He then unleashed a cross-court smash to earn 10 match points and sealed the contest with a return that cramped the Indian, targeting his hip.
