New Delhi: CPI(M) leader and MLA AC Moideen suffered setback in Karuvannur Service Cooperative Bank fraud case. ED had confiscated Moideen’s assets worth Rs 40 lakh in connection with the fraud. This action was upheld by the Adjudicating Authority in PMLA, New Delhi. The authority rejected AC Moideen’s claim that the ED action of confiscating his properties was not correct. It is reported that ED had confiscated Rs 40 lakh deposited by AC Moideen and his wife in six accounts and the confiscation does not include land properties.
The ED had earlier confiscated properties worth Rs 15 crores of AC Moideen in connection with the Karuvannur Service Cooperative Bank fraud case. The action was taken pointing out that the benami transactions in the bank were done on the instructions of Moideen.
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