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ED attaches assets worth Rs 1.17 cr in Hyderabad in money laundering case
The Directorate of Enforcement (ED) in Hyderabad has attached assets worth approximately Rs 1.17 crore under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. Read further on Dynamite News:
New Delhi: The Directorate of Enforcement (ED) in Hyderabad has attached assets worth approximately Rs 1.17 crore under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
According to an official release, the ED, Hyderabad has attached various immovable properties amounting to Rs 94.44 lakh and movable properties amounting to Rs 23.2 lakh (in the form of bank balances) belonging to Molugu Vijai Kumarr and his family members, with a combined total of approximately Rs 1.17 crore under the provisions of PMLA, 2002.
ED initiated an investigation based on FIR registered by the Central Investigation Unit (CIU part of the Anti-Corruption Bureau (ACB) in Hyderabad under Sections 13 (2) read with 13 (1)(e) of the Prevention of Corruption Act 1988, against Molugu Vijai Kumarr, Joint Director in Boiler Department, who was holding additional charge of Director of Boilers, Telangana State, Hyderabad, the release mentioned.
It was alleged that he had acquired assets disproportionate to his known sources of income by indulging in corrupt practices.
As per the chargesheet filed by ACB, Molugu Vijai Kumarr was found to have assets worth Rs 2.19 crore which were disproportionate to his known sources of income.
As per the release, the ED investigation revealed that Molugu Vijai Kumarr and his family members invested the proceeds of crime in various immovable properties. He laundered the ill-gotten money projecting the same as the business income of his family members and as hand loans received from various persons.
The investigation further revealed that the accused disposed of several immovable properties which were identified by ACB during its investigation and confiscation of which was prayed for in ACB's chargesheet. Further, the accused persons were also found to have dissipated the proceeds of crime by withdrawing large amounts of cash from their bank accounts.
Therefore, properties in the name of Molugu Vijai Kumar and his family members were identified during the investigation and were provisionally attached under the provisions of PMLA, 2002, the release said.
Further investigation is underway, it added. (ANI)