The Enforcement Directorate (ED) has launched an investigation into a major financial fraud involving a Kerala businessman accused of swindling over Rs. 61 crore from a bank in Doha, Qatar. On August 28, the ED conducted raids at three locations in Kerala, uncovering evidence related to the scam.
The primary suspect, Ismail Chakkarath, hails from Kannur and is alleged to have defrauded United Bank Limited in Doha. Chakkarath secured a loan of QAR 30,643,204 (approximately Rs. 61.28 crore) under the pretense of expanding his Doha-based company, Grant Mart Trading. However, he reportedly neither repaid the loan nor utilized it for the intended business purposes.
The investigation, initiated by an FIR from the Kerala Police’s Crime Branch Economic Offences Wing, has revealed that Chakkarath allegedly diverted the loan funds to make investments in Wayanad, Kerala. These transactions were reportedly carried out under benami identities to obscure his involvement.
Ismail Chakkarath, the accused businessman from Kerala, went to Qatar with the intention of expanding his business ventures. To support this expansion, he secured a substantial loan amounting to QAR 30,643,204 (approximately Rs. 61.28 crore) from United Bank Limited in Doha. However, after obtaining the loan, Chakkarath failed to fulfill his financial obligations. According to the Enforcement Directorate (ED), he neither repaid the borrowed amount nor invested it in the growth of his business as originally intended. Instead, the funds were allegedly diverted for other purposes, raising suspicions of financial malpractice and leading to a deeper investigation by the ED.
During the raids, the ED seized Rs. 3.50 lakh in cash and important documents linking Chakkarath to the international scam. Additionally, 10 bank accounts associated with Chakkarath and his associates have been frozen, as authorities traced parts of the illicit gains to these accounts.
The investigation continues as authorities delve deeper into Chakkarath's network and the full extent of his financial activities. This case underscores the increasing complexity of cross-border financial fraud and highlights the necessity for enhanced international cooperation to tackle such sophisticated schemes.
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