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By Divyesh Singh: The Enforcement Directorate (ED) has provisionally attached assets worth Rs 9.77 crore of Ravi Ayyaswamy Ramasubramanian and Rajiv Deepak Mata, who allegedly siphoned funds from Iced Desserts and Food Parlours India Pvt Ltd (IDFPL) in Maharashtra’s Pune.
The assets were attached under the Prevention of Money Laundering Act (PMLA) 2002.
The provisionally attached assets include six immovable properties at Pune and movable assets, including Fixed Deposits (FDs) and investments in equity market/ mutual funds worth Rs 4.06 Crore.
The ED initiated the money laundering investigation based on the FIR and chargesheet by the Economic Offence Wing (EOW) of Pune against Ravi Ayyaswamy Ramasubramanian and Rajiv Deepak Mata for allegedly siphoning off Rs 38.68 crore from IDFPL.
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ED investigation has revealed that a criminal conspiracy was hatched by Ravi Ayyaswamy Ramasubramanian and Rajiv Deepak Mata, former directors of IDFPL, to siphon off funds from bank accounts of IDFPL entities controlled by them, namely – M/s VRR Trading Co Pvt Ltd, M/s Sri Venkateshwara Traders and M/s R M Associates.
These two accused had been working in IDFPL for a long time. They had the authority to operate bank accounts and even prepare and maintain their books of accounts.
The books of accounts of IDFPL were allegedly manipulated and fudged to hide the actual transactions undertaken with the entities controlled by the accused.
ED investigation has revealed that a total of Rs 42.63 crore was syphoned off during the period between 2003 to 2016.
The funds were allegedly utilised by the accused for investments in the purchase of fixed assets, insurance policies, cash withdrawals and business expenditures.
The majority of the amount was withdrawn in cash and has been exhausted without creating any tangible asset. ED has identified assets created from the proceeds of crime and equivalent assets, and a provisional attachment order has been issued to preserve the proceeds of crime. Further investigation is under progress.
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