ED Attaches Assets Worth ₹3.15 Crore Of Ex-NTPC AGM

Bhopal (Madhya Pradesh): The Directorate of Enforcement (ED), Bhopal, has provisionally attached movable and immovable properties valued at Rs 3.15 crore under the provisions of the Prevention of Money Laundering Act (PMLA) in connection with its investigation against Rakesh Kumar Upadhyay, former additional general manager (Business Excellence), NTPC, Vindhyanagar, Singrauli, officials said.

The action was taken pursuant to a First Information Report registered by the Central Bureau of Investigation (CBI).

The CBI case pertains to the alleged possession of assets disproportionate to known sources of income during the check period from September 23, 2007, to November 30, 2019, by Rakesh Kumar Upadhyay.

During the investigation, it was found that Upadhyay had allegedly accumulated assets disproportionate to his known sources of income.

While the CBI FIR initially quantified the disproportionate assets at Rs 1.39 crore (52.95%), the CBI charge sheet subsequently revised the disproportionate assets to Rs 1.96 crore, constituting 76.57% of his known lawful income.

The investigation revealed that the accused allegedly maintained multiple bank accounts through which cash deposits amounting to Rs 40.37 lakh were made.

The ED alleged that these funds were layered through repeated inter-account transfers, culminating in a fixed deposit presently valued at Rs 1.88 crore, which it identified as proceeds of crime.

The investigation also revealed that a residential house at Rajiv Nagar in Chitaipur, Varanasi, was allegedly financed through unexplained funds generated during the check period.

Accordingly, the ED has provisionally attached movable and immovable properties valued at Rs 3.15 crore, comprising the residential house valued at Rs 1.26 crore and the fixed deposit of Rs 1.88 crore, which it identified as proceeds of crime.