The Enforcement Directorate (ED) on Monday (November 13) said it has attached assets worth ₹4.34 crore of former Kerala Congress general secretary K.K. Abraham and others linked to him in the Pulpally Service Cooperative Bank case under the Prevention of Money Laundering Act (PMLA). The attached assets include Abraham's immovable properties.

The ED alleged that Abraham was the "overall in-charge of the bank as president who played a key role in sanctioning various loans by overvaluing the properties to the applicants."

The agency, in its investigation, found that bank officials and its governing body members sanctioned "enhanced" loans without the consent of the loan applicants. The records illegally showed overvalued estimation of properties offered as collateral in the bank record. The loans were later not repaid by the applicants, the agency alleged.

"Kollapallil utilised the said proceeds of crime for ginger farming in Karnataka where K.K. Abraham agreed for profit sharing of 10% without any investment," the ED claimed. The allegations against him also include unexplained cash deposits and transfer of funds from the account of Kollappallil into Abraham's bank account.

Sanjeevan Kollapallil is allegedly the person whose money was deposited by Abraham and he is an accused in the case.

The central agency initiated an investigation on the basis of an FIR registered by Wayanad Vigilance and Anti Corruption Bureau (VACB) against the accused under various sections of the Prevention of Corruption Act, 1988. Later, VACB filed a charge sheet against Abraham and nine others.

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(Edited by : Shoma Bhattacharjee)