Kerala Man in Rs 61 Crore Fraud Case Raided by ED

The Enforcement Directorate (ED) conducted searches related to an alleged Rs 61 crore fraud against a Qatar-based bank by Ismail Chakkarath, a Kerala resident. Raids took place in three Kerala locations. The case stems from a Kerala Police FIR, alleging Chakkarath misused a loan from United Bank Limited, Qatar.

The Enforcement Directorate on Monday conducted searches in connection with an alleged Rs 61 crore fraud case involving a Qatar-based bank and a Kerala man.

Raids were carried out on August 28 at three Kerala locations tied to Ismail Chakkarath, suspected of illegally routing funds after duping United Bank Limited in Doha, Qatar, the federal agency reported.

Originating from an FIR by the Kerala Police, the case alleges that Chakkarath, a Kannur native running Grant Mart Trading in Doha, took a substantial loan from the bank and neither repaid nor utilized it for his business.

Instead, the funds were allegedly diverted and invested in benami names in Kerala's Wayanad district, with part of the money used to purchase immovable property, which fell through. The ED seized cash, documents, and froze 10 bank accounts linked to Chakkarath during the raids.

(With inputs from agencies.)