In accordance with the terms of the Prevention of Money Laundering Act (PMLA), 2002, Pinninti Subrahmanya Srinivas and his family members’ moveable and immovable possessions valued at Rs. 1.40 Crore have been provisionally attached by the Directorate of Enforcement (ED).
Three landed plots in the Andhra Pradesh villages of Cheepuruvalasa, Thatithuru, and Gidijala, one apartment in Visakhapatnam, and moveable possessions totalling Rs. 75 lakhs in the form of LIC policies, mutual fund investments, and remaining balances in bank accounts are among the attached assets.
Based on a lawsuit filed in Qatar against Pinninti Subrahmanya Srinivas, the ED opened an inquiry. The lawsuit claimed that Srinivas had misused his official position to take bribes in Qatar and sent the money earned to his Indian bank accounts.
Accepting bribes from public servants is considered a scheduled offence under the PMLA, 2002 since it violates Section 7 of the Prevention of Corruption Act, 1988 and is classified as an offence with cross-border ramifications. This is the law that applies to Qatar.
Pinninti Subrahmanya Srinivas transferred the proceeds of crimes committed in Qatar to his bank accounts in India, where he then transferred them to his other bank accounts and the bank accounts of his relatives, according to an ED probe.
Furthermore, he invested the money obtained in immovable properties, mutual funds, LIC policies, and other investments in order to park the spoils of crime and present them as pure assets. Following an investigation, it was determined that the aforementioned assets were obtained unlawfully from the proceeds of crime committed in Qatar by Pinninti Subrahmanya Srinivas. As a result, they have been temporarily attached under the PMLA. Further research is now being conducted.
