ED Details Raids on P.V. Anwar, Cites Unexplained Wealth and Loan Irregularities
Malappuram: The Enforcement Directorate (ED) has released a detailed press note outlining the findings of its raids on the establishments and residence of P.V. Anwar. The ongoing investigation primarily concerns loan transactions amounting to 22.3 crore rupees.
The ED discovered that Anwar had secured multiple loans from the Kerala Financial Corporation (KFC) in a short span, using the same property as collateral. Raids were conducted recently at Anwar’s homes and business premises as part of this probe.
Investigators suspect that Anwar diverted the loan funds towards the ‘Metro Village’ project. During preliminary questioning, Anwar reportedly admitted to being the actual owner of Malankulam Construction, a firm registered under the names of his driver and a close relative, indicating potential benami transactions.
The ED is currently scrutinizing these alleged benami property dealings. Furthermore, the agency noted that Anwar failed to provide a satisfactory explanation for the significant increase in his assets, which reportedly grew from 14.38 crore rupees in 2016 to 64.14 crore rupees by 2021.
The ED’s press release also highlighted that officials at the Kerala Financial Corporation exhibited lapses and errors in sanctioning the loans. It was found that loans were approved without thoroughly examining the prior history of the properties offered as collateral.
During the raids, crucial documents were seized, including records related to 15 bank accounts suspected of being involved in benami dealings. The ED also uncovered that certain buildings within the PVR Metro Village project were constructed without the requisite approvals from local authorities, and it is suspected that black money was invested in these constructions. A cache of vital documents, including sales agreements, financial records, and digital evidence, were among the items confiscated. The ED confirmed that further investigations are underway to ascertain the full extent of black money involvement, fund diversion, and benami properties.