Kochi: Enforcement Directorate attaches bank account of NRI businessman

Kochi: The Enforcement Directorate (ED) has attached Rs 28 crore and 42,000 US$ found in the possession of an NRI-turned businessman in Kochi after finding him indulging in irregularities in exporting edible oil to Bulgaria. “The amount deposited in the bank accounts of Jose George, proprietor of ‘Trade International’, his wife, his company and a daughter was attached,” an ED officer said. The murky deal was revealed when George received around Rs 59 crore in the form of Letter of Credit (LoC) in his account with a public sector bank in Wellington Island, Kochi, in July 2016.

The money was sent by Bulgarian company Zezvda. The company, Trade International, was operating with a valid licence. After a few days of the transfer, George withdrew Rs 30 crore from the account and deposited it in his relatives’ accounts. However, the probe found no commodity was exported against the LoC. George claimed he was sourcing sugar and sunflower oil for export purposes from manufacturers based in Chennai and Maharashtra. However, the ED found it to be a false claim.