The Directorate of Enforcement (ED) has facilitated the return of ₹3.82 crore allegedly swindled from the Karnataka State Waqf Board. The ED termed this “a significant move to restore the proceeds of crime (POC) to the rightful claimants”.
The ED initiated investigation on the basis of an FIR filed against two Vijaya Bank officials and Syed Siraj Ahmed, a first division assistant with the Karnataka State Waqf Board, for allegedly swindling the money.
“In this case, the board issued two cheques for ₹4 crore to open fixed deposit accounts at Vijaya Bank. However, the money was siphoned off and transferred to fictitious entities. Further, ₹4 crore was transferred to a company Verkeys Realities Pvt. Ltd., which spent ₹1.1 crore purchasing a high-end car from Ghatge Motors Pvt. Ltd. Then, ₹2.72 crore was transferred to the account of another company Ajay Sharma Trading Corporation,” the ED said in a statement.
The ED issued a provisional attachment order (PAO) totalling ₹3.82 crore. On March 31, 2017, the ED filed a prosecution complaint (PC) before the Special PMLA court in Bengaluru, against six individuals and entities, including Verkeys Realities Pvt. Ltd.
“The ED did not raise any objections when the Additional Sessions judge considered the release of the funds to the Karnataka State Waqf Board — the rightful claimant in this case. On July 1, 2025, the ED facilitated the release of the entire amount. A banker’s cheque of ₹3.82 crore was handed over to Jeelani H. Mokashi, CEO, Karnataka State Waqf Board,” the ED said in a statement on Tuesday.
Published – July 08, 2025 09:25 pm IST
