ED raided 14 places, seized Rs 45 crore cash
New Delhi : The Enforcement Directorate (ED) on Monday said it has seized cash, bank balances and shares worth over Rs 45 crore after searches at 14 locations in Mumbai and Chennai recently in a money laundering case. This case is related to alleged misappropriation of Rs 129 crore. The ED said in a statement that it conducted searches at 14 locations on November 29-30. At the center of the action was Ramprasath Reddy, a former employee of Gateway Office Parks Pvt Ltd (formerly Shriram Properties and Infrastructure Pvt Ltd), which was acquired by global fund house Zander in 2017.
It said some other companies are controlled by Pukhraj Jain family (Salem Stainless Steel Suppliers Pvt Ltd, Four Star Estates LLP, M/s High Hills LLP), and Rajesh alias Saravanan Jeevanandam (JKS Construction, Suyambhu Projects, SK Traders). SV Infrastructure, GR Projects and Karthik Traders) were also searched. The ED case is based on an FIR lodged by the CCB, Chennai, against Reddy and others. According to the complaint filed by M/s Gateway Office Parks Private Limited, Chennai, Rs 129 crore has been misappropriated in this case. The ED said its investigation revealed that Reddy embezzled Rs 129 crore through entities owned by his family.
“Taking advantage of issuing fake invoices, funds were diverted through the mentioned entities under the pretext of payment for supply of goods and services,” it said. The ED said the search operation revealed undisclosed cash or Indian currency, bank balances and shares. “Movable assets totaling more than Rs 45 crore were seized under Section 17(1A) of PMLA, 2002,” the ED said. It said expensive apartments in Mumbai and Chennai as well as other properties derived from the proceeds of crime were identified and relevant documents seized.
