In the case of “defrauding a bank” under the terms of the Prevention of Money Laundering Act, 2002, the Directorate of Enforcement (ED) has provisionally attached 5 immovable properties valued at Rs. 1.24 crore in the form of land and residential flats belonging to T V Krishna Rao and Ch V K Sai Kumar in Hyderabad (Telangana) and Thiruvallur (Tamil Nadu).
The investigation by the ED revealed T V Krishna Rao’s modus operandi for syphoning off funds from M/s. Northern Coalfields Limited (M/s. NCL) was to fabricate the documents and fraudulently get the transfer of an amount of Rs. 25 crore, which was sent by M/s. Northern Coalfields Limited (M/s. NCL) to the Central Bank of India for the creation of FDR/ TDR in their name for a period of one year, into M/s. Krishnaa Builders’ current account is at the Central Bank of India’s Mogappair Branch in Chennai.
Together with T V Krishna Rao, Ch.V.K.S. Kumar @ Ch.V.K. Sai Kumar took a total of Rs. 6 crores from the illegally obtained money of Rs. 25 crores into the current A/c of his business, M/s SWAL Computers Ltd.
Up to this point, 12 PAOs totalling Rs. 8.95 crores have been issued and verified by the PMLA’s adjudicating authority in New Delhi. The trial for the prosecution complaint was then filed before the honourable Principal Sessions Judge.
Property worth Rs.1.24 crore was discovered during the process of identifying the remaining POC, and a PAO was subsequently issued thereon. This case has accumulated a total attachment of Rs. 10.19 billion. The probe is being expanded upon.
