ED attaches properties of rice miller in Kothagudem
The ED identified the proceeds of crime to the tune of Rs.1.67 crore in the form of three immovable properties of Narasimha Rao
Hyderabad: The Enforcement Directorate (ED) has provisionally attached immovable assets worth Rs 1.67 crore held in the name of Seemakurthy Narasimha Rao, Managing Partner of Sri Sai Krishna rice industry at Aswaraopeta in Bhadradri-Kothagudem district under provisions of Prevention of Money Laundering Act-(PMLA), 2002 in a cheating case.
The ED initiated investigations under the provisions of PMLA based on a FIR issued by Telangana police and a charge sheet filed by them against Narasimha Rao for cheating Andhra Pradesh State Civil Supplies Corporation Limited (APSCSCL), which is now Telangana State Civil Supplies Corporation Limited (TSCSCL) to the tune of Rs 1.95 crore by not supplying the required quantity of rice/paddy to Food Corporation of India (FCI)/APSCSCL.
A ED press release said that the investigation under PMLA revealed that Narasimha Rao fraudulently diverted the sale proceeds of boiled rice/paddy by selling it in the open market and generated proceeds of crime to the tune of Rs.1.95 crore in cash.
Narasimha Rao used a part of the proceeds of crime (Rs.90 lakh) to square off the loan taken from the State Bank of Hyderabad, Aswaraopeta and siphoned off the remaining proceeds of crime for the benefit of himself and his family members.
The ED identified the proceeds of crime to the tune of Rs.1.67 crore in the form of three immovable properties of Narasimha Rao and has attached the same under the provisions of PMLA-2002. Further investigation is under progress.
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