New Delhi, (Samajweekly) The Enforcement Directorate (ED) on Friday said it has attached five immovable properties located at Hyderabad and Thiruvallur (Tamil Nadu) worth Rs 1.24 crore in the form of land and residential flats belonging to T.V. Krishna Rao and V.K. Sai Kumar in a money laundering case.
Investigation by the ED under PMLA revealed that Rao used to siphon off funds of Northern Coalfields Limited by fabricating documents and fraudulently transferred an amount of Rs 25 crore, which was sent by Northern Coalfields Limited to Central Bank of India, into the current account of his company Krishna Builders, held in Central Bank of India, Mogappair Branch, Chennai.
Kumar joined hands with Rao and accepted an amount of Rs 6 crore out of the ill-gotten amount of Rs 25 crore into the current account of his company SWAL Computers Ltd.
“A prosecution complaint was also filed before the court,” said an official.
During the course of identifying the remaining proceeds of crime, properties having a value of Rs 1.24 crore were identified.
The total attachment in this case to date stands at Rs 10.19 crore.
