In the Devas Multimedia Pvt. Ltd. Case, the Hon’ble Special Court in Bengaluru proclaimed Ramachandran Vishwanathan a Fugitive Economic Offender for the violations under the Fugitive Economic Offenders Act, 2018.
In this case, Ramachandran Viswanathan and others were the subject of an FIR filed by the CBI in New Delhi under several IPC sections and the Prevention of Corruption Act of 1988. The ED then launched an inquiry under the PMLA’s anti-money laundering provisions.
After the ED filed a prosecution complaint against Ramachandran Vishwanathan and others before the Special Court, PMLA Bengaluru for the crime of money laundering, Provisional Attachment Orders worth Rs. 82 Crore were issued.
Total profits of crime from money laundering were estimated to be INR 579 Crore (approximately), which is the amount equal to foreign equity attracted after signing an unlawful agreement on January 28, 2005. Ramachandran Viswanathan was the architect behind the entire plan, which involved his firm, M/s Devas Multimedia Pvt. Ltd., generating enormous amounts of money fraudulently and then diverting those funds for his own personal advantage, which resulted in financial gain for both himself and the other defendants.
Provisional Attachment Orders totalling Rs. 82 Crore were issued after the ED filed a prosecution charge against Ramachandran Vishwanathan and others before the Special Court, PMLA Bengaluru for the offence of money laundering.
The total estimated proceeds from money laundering were INR 579 Crore (roughly), which is equal to the amount of foreign equity attracted following the execution of an illegal contract on January 28, 2005. The entire scheme was the brainchild of Ramachandran Viswanathan, who had his company, M/s Devas Multimedia Pvt. Ltd., generate enormous sums of money fraudulently, divert those sums for his own benefit, and profit financially along with the other defendants.
