Bengaluru, Oct 14 — The Directorate of Enforcement (ED), Bengaluru Zonal Office, has filed a supplementary prosecution complaint (chargesheet) against five accused persons, including Ayub Sayyed and others, in connection with the alleged siphoning of Rs 14.95 crore belonging to the B.R. Ambedkar Development Corporation Limited (ADCL) by using forged documents and impersonation.
The supplementary prosecution complaint was filed before the Special Court under the Prevention of Money Laundering Act (PMLA), Bengaluru, on October 5, 2026, the ED said in an official statement.
The ED initiated its investigation based on an FIR registered by the Central Bureau of Investigation's Anti-Corruption Branch (CBI-ACB), Bengaluru, under various sections of the Indian Penal Code and the Prevention of Corruption Act, 1988. The offences are scheduled offences under the PMLA, 2002.
The investigation revealed that a fictitious current account in the name of ADCL was fraudulently opened at the State Bank of Mysore's HAL II Stage Branch in Bengaluru using forged documents and impersonation.
Subsequently, four fixed deposits of Rs 5 crore each belonging to ADCL were prematurely closed using forged Term Deposit Receipt/Fixed Deposit Receipt (TDR/FDR) instruments and fabricated pre-closure letters. This allegedly resulted in the siphoning of Rs 14.95 crore, which constitutes proceeds of crime under the PMLA, the ED said.
Further investigation revealed that the proceeds of crime were allegedly routed through multiple bank accounts belonging to individuals and entities, followed by transfers and cash withdrawals to conceal the origin of the funds.
Statements recorded under Section 50 of the PMLA also indicated that the funds were knowingly received, transferred and withdrawn as part of the alleged money laundering process, according to the agency.
Earlier, the ED had filed a prosecution complaint before the Special Court in Bengaluru on March 25, 2026, against 15 accused persons and entities allegedly involved in the money laundering case. The agency had sought confiscation of assets worth Rs 6.02 crore belonging to the accused.
Further, on July 22, 2026, the ED issued a second Provisional Attachment Order, attaching an immovable property worth Rs 24 lakh belonging to one of the accused.
Further investigation is under way.