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.
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Australia retains the Ashes with 2 tests to spare after a tense victory over England in Adelaide
Adelaide (AP): Australia retained the Ashes with two matches to spare after paceman Mitchell Starc took three of the last four wickets to blunt England's defiant comeback Sunday in a tense fifth-day finish to the third cricket test.
Australia started Day 5 needing four wickets to retain the Ashes, with England resuming at 6-207 and still 228 runs away from the victory target of 435 that would have required a world record to achieve.
“Feels pretty awesome,” Australia captain Pat Cummins said of the 82-run win at the Adelaide Oval. “We got it done.”
Cummins missed the first two tests while recovering from a back problem, with Steve Smith leading the team to two eight-wicket wins. Smith was ruled out of the third test about a half-hour before the toss because of vertigo.
“You can't really rush things here in Australia, it doesn't work that way,” Cummins said of the test going the distance. “It's a good old fashioned grind a lot of the time and, yeah, I love the toil from all the guys today.
“It got a little bit closer than I would have liked, but pretty happy.”
Tense Day 5
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Starc took the only wicket in the morning session — Jamie Smith running out of patience and caught by Cummins for 60 — as England piled on 102 runs.
England's rally had narrowed the Ashes equation at lunch on the last day: Australia needed three wickets to clinch the old urn in Adelaide and England needed 126 runs to keep the five-match series alive.
No team had scored more than West Indies' 418 (in a three-wicket win over Australia in 2003) in the fourth innings to win a test.
But England skipper Ben Stokes later said he felt like his team were “on for another heist” in the morning session and was confident of achieving a record total.
With England's lower-order doggedly mounting pressure and Australia's attack missing veteran spinner Nathan Lyon, who limped off the field with an injured hamstring, the leading bowler in the series delivered for the hosts.
Starc, who was voted player of the match in Australia's eight-wicket wins in Perth and Brisbane, took the wickets of Will Jacks (47) — spectacularly caught by Marnus Labuschagne, who dived from slip in front of the wicketkeeper — and Jofra Archer (3).
That left Scott Boland to finish it off. He dismissed Josh Tongue (1) and left Brydon Carse stranded on 39 as England was all out for 352.
Player of the match
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Australian wicketkeeper Alex Carey was voted player of the match after posting a home ground hundred in the first innings, a half-century in the second innings in a 162-run stand with Travis Head, who top-scored with 170, and completing seven dismissals for the test.
England's out of contention
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England captain Ben Stokes said he was happier with the resilience shown by his team this week, despite ultimately surrendering the series in 11 days.
“This is going to hurt quite a bit,” Stokes said. “Obviously that dream that we came here with is now over, which is obviously incredibly disappointing.
“But look, we've got two more (tests) to go on and that's where the focus needs to switch to now.”
Injured Lyon
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A day after swinging the momentum back in Australia's favor with a three-wicket burst, veteran spinner Lyon hurt his right hamstring diving to cut off a boundary in the outfield and was ruled out of the remainder of the match. He got up and clutched the back of his right leg before walking off with a trainer when England was 249-6.
Long, long drought
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Domestic media noted Sunday that it had been 5,462 days since England last won a test match in Australia — dating back to January 2011.
Since then, the Australians have won the series Down Under 5-0, 4-0, 4-0 and are now 3-0.
Melbourne will host the Boxing Day test starting Dec. 26 and Sydney will host the fifth test in the New Year.
