The Enforcement Directorate (ED) arrested Abdul Rasheed, Managing Director of the Kerala-based Heera Group, on Tuesday in connection with a money laundering case.
He was produced before the Prevention of Money Laundering Act (PMLA) special court in Kochi.
The central probe agency registered the case in 2021 after a First Information Report (FIR) was filed by the Central Bureau of Investigation (CBI) against the construction company.
It is alleged that the company had diverted funds, causing a loss of around Rs 15 crore to the State Bank of India (SBI).
In March 2021, the CBI arrested Rasheed and his son, Subin Abdul Rasheed, who were later released on bail.
Earlier this year, the anti-money laundering agency conducted raids on the premises of the Heera Group company.