Businessman and former legislator P.V. Anwar could not provide a satisfactory explanation regarding the significant increase in his assets from ₹14.38 crore (2016) to ₹64.14 crore (2021), despite declaring negative income during 2015–2020, a statement issued by the Directorate of Enforcement (ED), Kochi Zonal Office, in connection with search operations it conducted at multiple premises linked to Mr. Anwar and others on Friday.
In a statement issued here, the ED said the search operations uncovered 15 bank accounts held in the names of different persons, alleged to be benamis, through which suspected transactions had taken place. Incriminating documents and digital evidence, including sale agreements, financial records, property papers, multiple records, and electronic devices, were seized during the searches. The operations were conducted in connection with an investigation into potential money laundering related to alleged fraudulent loan sanctions by Kerala Financial Corporation (KFC) in 2015. The seized materials are being examined to identify the proceeds of crime, quantify the diversion of loan funds, establish the layering mechanism, and determine the extent of benami holdings.
The searches were carried out at residential, business, and institutional premises associated with Malamkulam Constructions Pvt. Ltd., Pee Vee Aar Developers, Bis Manjeri LLP, the Malappuram branch of KFC, and the residences of key individuals involved. The investigation pertains to alleged loans amounting to ₹7.5 crore to Malamkulam Constructions and ₹4.61 crore to Pee Vee Aar Developers, sanctioned using the same collateral properties within a short interval. This resulted in total Non-Performing Assets of approximately ₹22.30 crore. Preliminary evidence indicates diversion of sanctioned funds, use of nominal shareholders and directors, and suspected benami ownership of assets, the ED statement said.
Beneficial owner
The agency claimed that Mr. Anwar admitted to being the real beneficial owner of Malamkulam Constructions, despite the company being held in the names of his nephews and driver. “He confirmed that loan amounts were used for the large township project ‘Pee Vee Aar Metro Village. Statements of his associates revealed that documents were routinely signed at his instruction, funds were diverted to associated entities, and certain cash collections were handled outside regular accounting channels,” the statement said.
It was also found that certain buildings were constructed in PVR Metro Village by Malamkulam Constructions Pvt. Ltd. without proper approvals from local or regulatory bodies, and proceeds of crime were infused into the construction. Searches at the premises of Bis Manjeri LLP and PVR Metro Village indicated extensive construction and commercial activity, including schools, an amusement park, a resort, villa projects, and apartment blocks. Evidence collected suggests transfer of loan proceeds between related entities and utilisation for purposes unrelated to sanctioned activities.
“Statements of KFC officials recorded during the operation revealed procedural lapses, non-verification of prior mortgages, and re-use of the same collateral for subsequent loans. The Technical Officer admitted that valuation reports were reused without fresh inspection, and the Legal Officer acknowledged that earlier encumbrances went undetected,” the statement added.
Published – November 22, 2025 05:38 pm IST
