CBI Investigation On Postal Fraud Case ED Attached 1.5 Crore
HYDERABAD: The Enforcement Directorate has attached assets worth Rs. 1.5 crore of four Andhra Pradesh postal department employees in connection with a money laundering probe against them. The Enforcement Directorate money laundering probe against the four employees pertains to an alleged savings fraud case in Kadapa district few years back.
In a statement issued today, the agency said it attached 10 immovable and four movable assets under provisions of the Prevention of Money Laundering Act (PMLA). It said while the total value of these assets is Rs. 61.16 lakh their "market value" is about Rs.1.50 crore. The agency took over the case based on a CBI FIR of 2014. "Investigation conducted by the agency revealed that Kakarala Kullayappa in collusion with Kondrapalle Maddulety, Kesava Siva Prasad and Akkem Venkataiah, all employees of postal department, had misappropriated Rs. 3.28 crore of funds in College Road Sub-Post Office, Proddatur in Kadapa district of Andhra Pradesh," the agency said. It said part of the money was utilised by Mr Kullayappa and part transferred to the other three for "conniving and concealing" the fraud.
The ED said the money was used for personal expenses, purchase of immovable properties in the name of "their family members and construction of houses among others". It said the accused committed "fraud in the monthly income scheme accounts and time deposit accounts". An attachment order under PMLA is aimed at depriving the accused from availing benefits of the ill-gotten wealth. Such an order can be appealed before the Adjudicating Authority of the said Act within 180 days. Further, if the Adjudicating Authority also confirms the order, the accused can appeal against it before the Appellate Tribunal of the said Act within 45 days.
Courtesy : PA Legacy (http://www.palegacyblogspot.in/)
HYDERABAD: The Enforcement Directorate has attached assets worth Rs. 1.5 crore of four Andhra Pradesh postal department employees in connection with a money laundering probe against them. The Enforcement Directorate money laundering probe against the four employees pertains to an alleged savings fraud case in Kadapa district few years back.
In a statement issued today, the agency said it attached 10 immovable and four movable assets under provisions of the Prevention of Money Laundering Act (PMLA). It said while the total value of these assets is Rs. 61.16 lakh their "market value" is about Rs.1.50 crore. The agency took over the case based on a CBI FIR of 2014. "Investigation conducted by the agency revealed that Kakarala Kullayappa in collusion with Kondrapalle Maddulety, Kesava Siva Prasad and Akkem Venkataiah, all employees of postal department, had misappropriated Rs. 3.28 crore of funds in College Road Sub-Post Office, Proddatur in Kadapa district of Andhra Pradesh," the agency said. It said part of the money was utilised by Mr Kullayappa and part transferred to the other three for "conniving and concealing" the fraud.
The ED said the money was used for personal expenses, purchase of immovable properties in the name of "their family members and construction of houses among others". It said the accused committed "fraud in the monthly income scheme accounts and time deposit accounts". An attachment order under PMLA is aimed at depriving the accused from availing benefits of the ill-gotten wealth. Such an order can be appealed before the Adjudicating Authority of the said Act within 180 days. Further, if the Adjudicating Authority also confirms the order, the accused can appeal against it before the Appellate Tribunal of the said Act within 45 days.
Courtesy : PA Legacy (http://www.palegacyblogspot.in/)
→
0 comments:
Post a Comment