ED restores Rs 3.82 crore worth assets to K'taka Waqf Board
New Delhi, Jul 8 (PTI): The Enforcement Directorate on Tuesday said it has restored assets worth more than Rs 3.82 crore to the Karnataka State Waqf Board following a money laundering investigation into a case of alleged fraud against the body.
The money laundering case stems from a state police FIR filed against two Vijaya Bank officials and a man named Syed Siraj Ahmed, a first division assistant with the Waqf Board.
The Waqf Board issued two cheques of Rs 4,00,45,465 to open fixed deposit accounts in the Vijaya Bank. However, instead of opening the accounts, the money was "siphoned off" by transferring to fictitious entities, the federal agency said in a statement.
It was found, the ED said, that Rs 4 crore was transferred to the account of a company named Verkeys Realities Pvt. Ltd., which spent Rs 1.10 crore in purchasing a Mercedes car while Rs 2,72,74,444 was transferred to another account.
The agency had attached assets worth more than Rs 3.82 crore in 2017 as part of this investigation and later in March that year it filed a chargesheet against six individuals and entities including Verkeys Realities.
This prosecution complaint was filed before a special Prevention of Money Laundering Act (PMLA) court located in Bengaluru.
In line with the PMLA and its "core objective" of ensuring the "restitution" of the proceeds of crime to the legitimate victims, the ED said no objections were raised by it when the additional sessions judge considered the release of the funds to the Karnataka State Waqf Board, the rightful claimant in this case.
The agency issued a banker's cheque of Rs 3,82,74,444 to the Wakf Board on July 1, which it said, was a "significant" step forward in the ED's ongoing mission to restore the misappropriated funds to those who have been wronged.
"This release underscores the ED's commitment to ensuring justice for victims of financial crimes. ED remains resolute in its dedication to combating money laundering and ensuring that the proceeds of crime are returned to their rightful owners," the agency said.
In a significant move to restore the Proceeds of Crime (POC) to the rightful claimants, vide Hon'ble Additional Sessions Judge order dated 1/7/2025 the Directorate of Enforcement (ED), Bengaluru Zonal Office, has by released properties valued at Rs. 3,82,74,444/- to Karnataka…
— ED (@dir_ed) July 8, 2025
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Man arrested with Rs 2.54-crore heroin in Mumbai
Mumbai (PTI): Police have arrested a man and seized over 500 grams of heroin worth Rs 2.54 crore in the illicit market from him in Mumbai, officials said on Friday.
The police's Anti-Narcotics Cell (ANC) made the drug seizure in Santacruz in the western suburbs. The operation was conducted by the Kandivali unit of the ANC on Thursday as part of a special crackdown against drug trafficking in the area, they said.
Acting on specific inputs, an ANC team conducted a raid in Santacruz (East) and intercepted a man. During a search, the team recovered 508 grams of high-grade heroin from his possession, an official said.
The seized contraband, a highly addictive, opioid drug derived from morphine, is estimated to be worth Rs 2.54 crore in the international market, he informed.
Following the seizure, a case was registered against the man under relevant sections of the Narcotic Drugs and Psychotropic Substances (NDPS) Act, 1985, and he was formally placed under arrest in the early hours of Friday.
The police are currently investigating the source of the drug and trying to identify the intended recipients of the consignment, he said.
