Ernakulam: The Enforcement Directorate (ED) has arrested A Abdul Rasheed, the Managing Director of Heera Group, in connection with a loan fraud case in Kochi. The ED has taken action based on allegations of fraud involving a loan amount of Rs 14 crore taken from the State Bank of India (SBI).
Abdul Rasheed was summoned to Kochi and questioned by the ED. The arrest was made after the interrogation. The ED had previously conducted searches at various Heera Group offices and other establishments as part of their investigation. The charges against Abdul Rasheed include defrauding the bank by taking a loan. Complaints from sources other than SBI have also been registered against him.
The loan was taken by Abdul Rasheed for the construction of a flat in Akkulam. Even though the flats were sold, he did not repay the loan. This case has previously been investigated by both the local police and the Central Bureau of Investigation (CBI).
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