The PFI leaders in Kerala have been identified by the Enforcement Directorate (ED) as those who hid money laundering documents worth crores of rupees. The accused were Abdul Razzak and Ashraf M. K. According to the reports, Abdul Razzak was the major shareholder of the Munnar Villa Vista Project, where he used to conceal his involvement in money laundering by making false promises to the project’s investors. He used to collect money on behalf of the project even from abroad. On December 8, 2021, the ED went to check the records and conducted a raid on their project site as well as Abdul Razzak’s residence.
The investigation had a lot of conspiracies with suspicious funds from different countries. Once the problem was about to start, Abdul Razzak, resigned his post as divisional president of the PFI unit in Perumbadappu, Mallapuram. He also had a licence to run restaurants, and he was owning Darbar Restaurant in Abu Dhabi. He also claimed that it is authorised with an annual licence fee of 5,000 dirhams. For five years, he did not reveal his and his wife’s joint account. He was not able to provide the relevant information for the extra money he had of Rs. 80 lakhs that was spent for the Munnar Villa Vista Project (MVVP).
According to reports, despite transferring 22,000 shares in Tamar Indian Spices Pvt Ltd worth Rs 22 lakhs in 2017-18, as well as 15,000 shares in his wife’s name, there was no consideration for the money invested.
He, along with his wife and son, were held accountable for amassing significant shares. Certain documents, bank statement proofs of Ashraf, Abdul Khadar, MVVP, TISP, Rehab India Foundation, and Darbar Restaurant in Dubai, were returned in a money laundering case.