KFC loan fraud: ED raids PV Anvar's house and business premises

MALAPPURAM: The Enforcement Directorate raided the house of former Nilambur MLA and Trinamool leader PV Anvar in Edavanna Othayi in connection with financial irregularities. The raid was in a case of fraud involving a loan of Rs 12.5 crore from KFC. The joint team from Kochi and Kozhikode, which arrived at 7 am under CRPF protection, continued its search till night. Anvar's driver Siyad's house in Mundengara, the Trinamool office adjacent to Anvar's house, and the company's office in Manjeri were searched simultaneously.

The complaint is that Anvar took a loan from the KFC Malappuram branch without sufficient collateral and committed fraud. 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. Anwar's house and office were then searched. The ED Kochi Zonal Office also registered a case later.

The investigation is based on a complaint by a Kollam-based businessman named Murugesh Narendran. The ED has recorded Murugesh's statement. Murugesh said that important evidence has been handed over against Anvar, including in the black money transaction.

What the loan money was used for, Anvar's foreign financial transactions and the financial transactions of companies like Malamkulam Constructions and PVR Developers are being examined.

Two loans on the same property

KFC sanctioned a loan of Rs 7.50 crore on September 23, 2015, without even checking Siyad's income. The loan was sanctioned, saying he is a shareholder of Malamkulam Constructions. The loan was not repaid. The property pledged for this loan was re-mortgaged to sanction Rs 5 crore to Anvar in the name of PVR Developers on December 8, 2015. Anvar was an MLA at the time.