HC dismisses bail plea of accused in cash laundering case registered by ED

The Kerala High Court has dismissed the bail plea of Sayid Muhammed of Vadakara, who had been arraigned because the fifth accused in a cash laundering case registered by the Enforcement Directorate (ED).

The allegation was that he was concerned in laundering ₹121 crore in reference to a Chinese mortgage app rip-off. He allegedly organized 289 mule financial institution accounts within the title of people and shell enterprise entities, for which he reportedly acquired remuneration from cyber fraudsters. He was arrested in February 2025 and has been in custody since then.

Opposing his bail plea, the ED submitted that he paid ₹5,000 per account to rearrange the mule financial institution accounts, which have been allegedly used to function unlawful mortgage functions that cheated the general public. A probe revealed that cash collected from victims via on-line platforms was credited into mule accounts. These have been then routed via these accounts and parked in several firms, which have been merely shell entities. The ED additionally alleged that the funds have been ultimately diverted to financial institution accounts that have been maintained outdoors India.

The company additional stated that ₹121 crore was collected from victims and transferred to 4 international wallets situated outdoors the nation. While dismissing his bail plea, the Bench of Justice Bechu Kurian Thomas noticed that the supplies clearly indicated the accused’s lively involvement in buying and transferring the proceeds of crime.