Under the terms of the Prevention of Money Laundering Act, 2002 (PMLA), the Directorate of Enforcement (ED) has attached moveable property in the shape of a fixed deposit of Rs. 90 lakh in the matter of M/s Sree Venkateshwara Industries, Hyderabad.
The inquiry was launched by the ED in response to a complaint submitted by the Telangana State Pollution Control Board (TSPCB) before the Court of Hon’ble Metropolitan Magistrate, Cyberabad in Medchal, Telangana. According to the complaint, M/s Sree Venkateshwara Industries was disposing of hazardous waste material without proper treatment, in violation of the TSPCB’s prescribed rules and regulations under various sections of the Water (Prevention and Control of Pollution) Act 1974 and the Air (Prevention and Control of Pollution) Act.
The ED investigation discovered that M/s Sree Venkateshwara Industries and its partners did not comply with the statutory obligation of treating hazardous waste created on their premises and did not submit it to the Hyderabad Waste Management Project’s Treatment, Storage, and Disposal Facility. Instead, the hazardous material was sent to brick producers by the company.
The inquiry further found that by committing the aforementioned act, the business and its partners produced criminal gains totalling Rs. 90 lakh, which has been temporarily attached throughout the investigation. More research is being conducted.
