The Directorate of Enforcement (ED), Bengaluru Zonal Office, has filed a supplementary prosecution complaint (chargesheet) before the Special Court under the Prevention of Money Laundering Act (PMLA) in Bengaluru against five accused persons, including Ayub Sayyed, in connection with the alleged siphoning of ₹14.95 crore from the B.R. Ambedkar Development Corporation Limited (ADCL) through forged documents and impersonation. The complaint was filed on 5 October 2026, according to an official ED statement.

How the Fraud Was Allegedly Carried Out

Investigators say the accused fraudulently opened a fictitious current account in the name of ADCL at the State Bank of Mysore's HAL II Stage Branch in Bengaluru using forged documents and impersonation. Once the account was in place, four fixed deposits of ₹5 crore each belonging to ADCL were allegedly prematurely closed using fabricated Term Deposit Receipt/Fixed Deposit Receipt (TDR/FDR) instruments and forged pre-closure letters.

The premature closure of these deposits reportedly resulted in the siphoning of ₹14.95 crore, which the ED has categorised as proceeds of crime under the PMLA, 2002. Investigators further found that these funds were allegedly routed through multiple bank accounts belonging to various individuals and entities, followed by transfers and cash withdrawals designed to conceal the money's origin.

Statements and Money Trail

Statements recorded under Section 50 of the PMLA indicated that the funds were knowingly received, transferred, and withdrawn as part of the alleged laundering process, according to the agency. The ED's investigation was initiated on the basis of 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 — both of which are scheduled offences under the PMLA.

Earlier Action in the Case

This is not the first legal move in the case. On 25 March 2026, the ED had filed an initial prosecution complaint before the Special Court in Bengaluru against 15 accused persons and entities, simultaneously seeking confiscation of assets worth ₹6.02 crore belonging to the accused.

Subsequently, on 22 July 2026, the agency issued a second Provisional Attachment Order, attaching an immovable property worth ₹24 lakh belonging to one of the accused. The latest supplementary chargesheet against the five individuals represents the third major legal step in this investigation.

What This Means for ADCL and the Accused

The B.R. Ambedkar Development Corporation Limited is a government-backed body established to support the socio-economic welfare of marginalised communities, making the alleged fraud particularly sensitive. The accused now face proceedings under the PMLA, which carries stringent provisions for attachment and confiscation of proceeds of crime, in addition to imprisonment.

The ED has confirmed that further investigation in the matter remains under way, signalling that additional chargesheets or attachment orders cannot be ruled out.