The Enforcement Directorate (ED) has provisionally attached a flat in Hyderabad of one Kommalapati Kishore Babu, Ex-Business Development Manager of M/s Global Trade Finance Limited, Hyderabad (presently known as SBI Global Factors Limited) under the provisions of Prevention of Money Laundering Act (PMLA), 2002.
The flat is valued at Rs 30,57,000 lakh.
ED initiated an investigation under PMLA on the basis of FIR registered by CBI, EOW, Chennai against Kommalapati Kishore Babu, Ex-Business Development Manager of M/s Global Trade Finance Limited, and M/s Digital PC Technologies Limited along with its directors Karvendula Vijay Kumar Chanakya, & others.
In the charge sheet filed by CBI, EOW, Chennai, it has been stated that Kommalapati Kishore in return for accepting a bribe of Rs 50 Lacs from Karvendula Vijay Kumar Chanakya, had facilitated trade finance facilities to M/s Digital PC Technologies Limited on the basis of fake and fictitious trade receivable.
The ED said that Karvendula Vijay Kumar Chanakya cheated the financing firm and did not service the loan and diverted the loan proceeds for personal gain and the account became NPA.
The total loss caused to M/s Global Trade Finance Limited, Hyderabad, on account of this fraud is reportedly Rs 9.32 crore.
The investigation under PMLA 2002, revealed that Kommalapati Kishore Babu had systematically layered the bribe proceeds of Rs 50 Lacs received from M/s Digital PC Technologies Limited by making cash deposits in his Bank Accounts and he utilized this amount for the purchase of a flat at Silver Springs in Czech Colony, Sanathnagar at Hyderabad worth of Rs 30,57,000.
The ED found out that the flat is nothing but direct proceeds of crime and is thus provisionally attached by issuing PAO No 01/2022 on 12.01.2022. Further investigation is in progress, the ED said.
(With inputs from ANI)
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