New Delhi: The Enforcement Directorate (ED) on Tuesday March 15 claimed to have provisionally attached immovable properties worth Rs 1.61 crore in connection with a Prevention of Money Laundering case lodged against three persons — S Nagraju, Gadiparthi Satyanarayana and K Raju Paranthaman.
The three used to deal with narcotic substances and made huge property with that money through money laundering.
Initially, the Directorate of Revenue Intelligence (DRI) had filed a complaint against them under sections 25A & 29 of the NDPS act. They were accused by the DRI of allegedly manufacturing and trading Ephedrine a controlled substance under NDPS Act.
Later, the ED was informed that the accused were also allegedly involved in money laundering. On the basis of the case of the DRI, the ED filed an ECIR under PMLA.
During investigation, the ED learned that by indulging in the schedule offence, Nagraju and others had generated proceeds of crime to the extent of Rs 5.23 crore by trading in the illegally manufactured ephedrine.
The ED’s investigation revealed that entire transactions were made in cash without any bill or invoice.
The accused later invested in real estate and the money used by them was proceeds of the crime.
“It was further revealed that properties were acquired by the accused by making payments in cash which are the proceeds of crime. We have now attached 16 properties in Telangana and TamilNadu worth Rs 1.61 crore,” said the ED official.
Further investigation is in the progress.
