Enforcement Directorate Restores Rs 3.82 Crore to Karnataka Waqf Board

The Enforcement Directorate restored over Rs 3.82 crore to Karnataka Waqf Board after probing a money laundering case involving Vijaya Bank officials and the Waqf Board's assistant Syed Siraj Ahmed. Funds were misappropriated via fictitious entities, but subsequent legal actions and a court decision led to restitution.

The Enforcement Directorate (ED) has restored assets worth over Rs 3.82 crore to the Karnataka State Waqf Board. This comes after a comprehensive investigation into an alleged fraud surfaced involving the Waqf Board, highlighting a significant case of money laundering.

The case originated from a state police FIR against two Vijaya Bank officials and Syed Siraj Ahmed, an assistant with the Waqf Board. It was alleged that the Board issued hefty cheques intended for fixed deposits that were misdirected and laundered through fictitious accounts.

The ED's investigation revealed that the funds were funneled into accounts of a company named Verkeys Realities Pvt. Ltd. A special court in Bengaluru adjudicated in favor of returning these stolen funds to their rightful recipients, reinforcing the ED's commitment to uphold justice in financial fraud cases.

(With inputs from agencies.)