ED Hyderabad Attaches Assets Worth Rs. 1.17 Crore in Money Laundering Probe
(Judicial Quest News Network)
The Directorate of Enforcement (ED), Hyderabad, has taken decisive action by attaching various immovable properties valued at Rs. 94.44 Lakh and movable properties, including bank balances amounting to Rs. 23.20 Lakh, belonging to Molugu Vijai Kumarr and his family members. This brings the combined total to approximately Rs. 1.17 Crore under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
Initiated following an FIR lodged by the CIU, ACB, Hyderabad, under sections 13(2) r/w 13(1)(e) of the Prevention of Corruption Act 1988, the investigation targets Molugu Vijai Kumarr, Joint Director in Boilers Department, who also held the additional charge of Director of Boilers, T.S., Hyderabad. Allegations suggest he acquired assets disproportionate to his known sources of income through corrupt practices.
The chargesheet filed by ACB reveals assets worth Rs. 2.19 Crore, disproportionate to Kumarr’s known sources of income. ED’s investigation uncovered that Kumarr and his family members invested the ill-gotten gains in various immovable properties, disguising them as business income and hand loans received from various individuals.
Moreover, the accused disposed of several immovable properties identified by ACB, further dissipating the proceeds of crime by withdrawing substantial cash amounts from their bank accounts. Consequently, properties registered under Molugu Vijai Kumar and his family members’ names have been provisionally attached under the PMLA, 2002, with further investigation ongoing.
This bold move by ED underscores its commitment to combatting financial crimes and ensuring accountability. As the investigation progresses, ED remains steadfast in its pursuit of justice and upholding the rule of law.
