Hyderabad: The Enforcement Directorate (ED) has filed a prosecution complaint against a businessman Lingala Srinivas Goud under the Prevention of Money Laundering Act, 2002 (PMLA) before the Metropolitan Session Judge-cum-Special Court under PMLA- 2002, in connection with a bank loan fraud case.
The complaint has been filed before the court requesting to award punishment to Goud for the offence of money laundering, said officials.
Investigation under the provisions of PMLA was initiated on the basis of First Information Report (FIR) registered on the complaint of Federal Bank with Hyderabad police. A charge sheet was filed by the Central Crime Station (CCS) under Sections 120B read with 420, 468 and 471 of Indian Penal Code (IPC) against Goud.
Investigation revealed that Goud fraudulently obtained loans in three tranches from the Federal Bank by submitting forged documents and diverted the loan amounts to the tune of Rs 44.80 lakh. The siphoned off loan amounts were diverted into his liquor business firm Mallika Inn Restaurant and Bar which ran into losses and was closed.
After completion of investigation, it was established that Goud committed the offence of money laundering. Prosecution complaint under PMLA was filed through online before the court.
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