How did 14.38 crores become 64.14 crores? Anvar fails to provide proper explanation for increase in assets

KOCHI: ED has issued a press release regarding the raid on the house and establishments of former MLA PV Anvar. The news release states that the investigation was conducted in connection with a loan transaction of Rs 22.3 crore and that various loans were arranged through KFC within a short period of time using the same property as collateral. The inspection by the joint team from Kochi and Kozhikode, which started at 7 am yesterday under CRPF protection, lasted until night.

The ED said in a press release that Anvar is suspected of diverting the loan amount. Anvar's benami property transactions are also being investigated. Anvar admitted during interrogation that he is the real owner of a firm called Malamkulam Construction. The firm is in the name of the driver and a close relative. The ED has clarified that Anvar diverted the loan amount to a project called Metro Village and that he failed to provide a proper explanation for the increase in assets from Rs 14.38 crore in 2016 to Rs 64.14 crore in 2021. The ED has stated that there were lapses and errors by KFC officials.

Documents suspected of PV Anvar's benami transactions, including details of 15 bank accounts, have been seized. These include sale agreements, financial documents and digital evidence. It was found that some buildings in PVR Metro Village were constructed without the approval of local bodies and that black money was deposited for this construction.

The complaint alleges that the fraud was committed by taking a loan from the KFC Malappuram branch without sufficient collateral. The Vigilance Thiruvananthapuram Special Team had registered a case against KFC Malappuram Chief Manager C. Abdulmanaf, Deputy Manager T. Mini, Junior Technical Officer P. Muneer Ahmed, P.V. Anvar and Siyad on July 29. Subsequently, searches were conducted at Anvar's house and office. The ED Kochi Zonal Office also registered a case.