Sudarshan Venkatraman and Ramanujam Sesharathnam, the former promoter directors of M/s Zylog Systems Limited, were declared fugitives from justice for the offences under the Fugitive Economic Offenders Act, 2018 (FEOA) in Spl CC 12 and Spl CC 13 of 2022 by the Hon’ble XIII Additional Special CBI Court Judge S. Ezhilan Velan, Chennai.
On the basis of FIRs filed by the CBI, BS&FC, Bangalore under different sections of the IPC and the Prevention of Corruption Act, 1988 against Sudarshan Venkatraman and Ramanujam Sesharathnam and others, ED launched an investigation under the guidelines of the Prevention of Money Laundering Act, 2002 (PMLA).
According to an ED investigation under the PMLA, the accused obtained proceeds of crime totalling Rs. 186 crores from the scheduled offences they committed. Of this amount, proceeds of crime totalling Rs. 58.12 crore were transferred abroad by Sudarsan Venkatraman and Ramanujam Sesharathnam under the pretence of sending money to their subsidiary, M/s. ZSL Inc., USA, and also against false invoices submitted by one of the vendors of ZSL company, namely. With the assistance of firm executives and staff, Duo has utilised the two flagship businesses as well as a number of other conduits and fictitious businesses to launder the loans from the banks.
The ED also filed a prosecution complaint against Sudarshan Venkatraman, Ramanujam Sesharathnam, and others before The Hon’ble XIII Additional Special CBI Court in Chennai for the crime of money laundering after issuing provisional attachment orders worth Rs. 33 Crore.
For the violations under the Fugitive Economic Offenders Act of 2018, the Hon’ble XIII Additional Special CBI Court in Chennai has designated Sudarshan Venkatraman and Ramanujam Sesharathnam as Fugitive Economic Offenders. The connected properties, valued at Rs 33 crore, have also been seized by the Indian government by the Honourable Court in Chennai in accordance with the 2018 Fugitive Economic Offenders Act.
