In the money laundering probe against Ravi Ayyaswamy Ramasubramanian and Rajiv Deepak Mata for syphoning monies from M/s Iced Desserts and Food Parlours India Pvt Ltd (IDFPL), the Directorate of Enforcement (ED) has temporarily attached assets worth 9.77 Crore under PMLA 2002. The provisionally attached assets total 4.06 crore and comprise six immovable properties in Pune as well as moveable assets such as FDs and investments in the equity market/mutual funds.
Based on the FIR and chargesheet filed by EOW Pune against Ravi Ayyaswamy Ramasubramanian and Rajiv Deepak Mata, the ED launched a money laundering probe.
A criminal conspiracy was hatched by Ravi Ayyaswamy Ramasubramanian and Rajiv Deepak Mata, former Directors of IDFPL, to fraudulent syphon off funds from IDFPL bank accounts to entities controlled by them, namely M/s V R R Trading Co Pvt Ltd, M/s Sri Venkateshwara Traders, and M/s R M Associates, according to an ED investigation.
These two individuals had worked with IDFPL for a long period and had abused the confidence placed in them. They possessed the authority to run bank accounts as well as create and manage the bank’s books of accounts. IDFPL’s books of accounts were modified and fudged in order to conceal actual transactions with businesses controlled by them. An ED inquiry found that a total of 42.63 crores was syphoned out from IDFPL between 2003 and 2016.
The siphoned-off monies were used by the aforementioned individuals for investments in fixed assets, insurance policies, cash withdrawals, company costs, and so on. The majority of the stolen funds were removed in cash and were depleted without producing any real assets. The ED has identified assets derived from criminal profits and analogous assets, and a Provisional attachment order has been issued to preserve the proceeds of the crime. More research is being conducted.
