Hyderabad: ED attaches FDs, assets of two companies in PMLA
Hyderabad: The Enforcement Directorate (ED) has provisionally attached bank fixed deposits worth Rs.1.93 crore belonging to Hygro Chemicals Pharmtek Private Limited (HCPPL) at Bollarum in Medak district under Prevention of Money Laundering Act (PMLA)-2002 for illegally manufacturing and dealing in a scheduled drug DextroPropoxyphene Hydrochloride (DPP HCL).
It initiated money laundering investigation on the basis of a case registered by the Directorate of Revenue Intelligence (DRI), Hyderabad for illicit sale and purchase, manufacture, and inter-state sale of a scheduled drug under provisions of Narcotic Drugs and Psychotropic Substances (NDPS) Act-1985.
According to a press release, HCPPL which had license from Central Bureau of Narcotics in Gwalior to manufacture of DPP HCL had clandestinely misused their license and illegally dispatched 6450 KG of DPP HCL to a partnership concern – JK Pharma Agencies in New Delhi during the period between 2004 and 2006 via 26 airway bills and by misdeclaring the same as some other chemical.
In the wrong hands, DPP HCL can be used as a raw material to make narcotic substances. The drug was illegally sold at Rs.3000 per kg and thus the accused company had generated proceeds of crime worth Rs.1.93 crore.
Accordingly, the ED traced equivalent assets in the form of fixed deposits of the accused company and in order to prevent their alienation before the conclusion of the trial, the ED has issued a Provisional Attachment Order (PAO) and has attached the fixed deposits.
Meanwhile, the ED has provisionally attached assets worth Rs.66 crore of Indusviva Health Sciences Private Limited, its chairman C A Anzar and others under the provisions of PMLA- 2002 in a Rs.1500 crore multi-level marketing scam.
The ED initiated a money laundering investigation on the basis of an FIR registered by Gachibowli police in Cyberabad. The company was into multi-level marketing scam having illegal pyramid type structure and is working under the guise of direct selling business.
The company engaged a large number of distributors and did rigorous marketing about the commission schemes of the company stating that there was a great opportunity of quick and easy money by becoming a member and then in turn making further enrollments under one’s downline in the right side and left side in a binary manner.
In order to project their fraud pyramid scheme as a legitimate business, they introduced some products which were by their own admission valued at only 20 per cent of the sale revenue and in reality are completely worthless.
The membership fee paid by new clients used to pay commission to old clients. By giving false promises and inducements, company enrolled around 10 lakh members and collected around Rs.1500 crore since its inception.
During investigation under PMLA, it was noticed that Anzar and Abhilash Thomas and CEO of Indusviva diverted funds to subsidiary company and their other related companies and to their personal accounts. These funds were utilized to acquire immovable assets which were identified to the tune of Rs.50.47 crore in the name of the companies and individuals.
Further, movable properties were also identified in the form of bank balances to the tune of Rs.15.83 crore lying in 20 bank accounts of Indusviva, its chairman and related companies. All these properties have been provisionally attached by ED.
Anzar and Abhilash Thomas were arrested by ED on December 15, 2021 and presently, they are in judicial custody.
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