Kerala Man Arrested in Rs 61 Crore Money Laundering Case

The Enforcement Directorate has arrested Ismail Chakkarath from Kerala for allegedly diverting a loan of over Rs 61 crore from a Qatari bank. The loan was intended for business development in Qatar but was reportedly used for investments in India, including benami property deals.

The Enforcement Directorate (ED) has arrested a man from Kerala on money laundering charges in connection with an alleged illegal diversion of loan funds exceeding Rs 61 crore from a bank in Qatar.

Ismail Chakkarath, detained on Tuesday, was brought before a Kozhikode court and is held in judicial custody until December 10. The ED's investigation originates from a Kerala Police crime branch FIR, citing non-repayment of QAR 30,643,204 from Qatar's United Bank Limited, earmarked for the business expansion of Grand Mart Trading.

The ED claims the loan was neither repaid nor utilized for its intended purpose, instead being illegally transferred to India and invested in benami transactions in Wayanad. Allegations suggest part of the funds attempted a property purchase, although this deal was never finalized. Properties were reportedly held in associates' names to hide ownership.

(With inputs from agencies.)