Swindled Rs 300 crores from banks in Dubai, invested money in this superhit Malayalam film; ED takes Malayali businessman into custody

KOCHI: The Enforcement Directorate (ED) has taken a Malayali businessman into custody for allegedly swindling Rs 300 crores from various banks in Dubai. Kasargod native Abdul Rahman was taken into custody from a hotel in Kochi. He was brought to the ED office in Kochi. The ED officials also conducted raids at around 25 places owned by him.

According to ED sources, the fraud took place during 2017-2018. It is alleged that Abdul Rahman had swindled around Rs 300 crores from various banks in Dubai. He then invested this in various sectors in Kerala. According to sources, Abdul Rahman had invested money in real estate and cinema. ED has found that it was Abdul Rahman who spent about 60 percent of the money on the popular Malayalam film 'Maheshinte Prathikaaram.'

ED also found that Abdul Rahman was a co-partner in a real estate company based in Kozhikode. It is reported that this company was related to PFI leaders. Abdul Rahman reached the hotel in Kochi last night. The ED team took him into custody on Thursday morning.