
Andhra: ED Attaches Properties In Money Laundering Case Linked To GATES Society
The attached properties belong to Late Vemulapalli Venkateswara Rao, Secretary GATES, and his family members.
ED initiated an investigation on the basis of an FIR registered by the Gudivada Police Station under various sections of the Indian Penal Code (IPC) against Vemulapalli Venkateswara Rao and others on the allegation that Vemulapalli Venkateswara Rao, the then secretary of GATES and his family members alienated the valuable properties of GATES at very less values and diverted the funds of the society by not entering the cash revenue in the books of accounts.
The investigation by the Central agency revealed that the accused deliberately collected revenue from the operations of the society in cash by employing various means such as - renting out the society's auditoriums to clients without issuing any payment receipts and receiving the charges in cash; by receiving security deposits pertaining to the society in cash; and also by transferring inflated salaries to the society's employees and thereafter making them withdraw the excess salaries in cash and handing it over to the accused.
By using this modus operandi, about Rs. 3.44 crore of cash revenue generated in the society (GATES) was not recorded in its books of accounts and was siphoned off by the accused.
The said Proceeds of Crime (POC) were subsequently diverted by the accused persons by way of cash deposits in the bank accounts of family members and officials of the society.
The POC were eventually used by the accused for the purchase of various properties including properties of GATES which were acquired at prices much lower than their prevalent market values.
Several such properties acquired out of POC have been accordingly attached by ED during the investigation. Further investigation is under progress, the ED added.

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.
Most popular stories
Market Research

- Manuka Honey Market Report 2024, Industry Growth, Size, Share, Top Compan...
- Modular Kitchen Market 2024, Industry Growth, Share, Size, Key Players An...
- Acrylamide Production Cost Analysis Report: A Comprehensive Assessment Of...
- Fish Sauce Market 2024, Industry Trends, Growth, Demand And Analysis Repo...
- Australia Foreign Exchange Market Size, Growth, Industry Demand And Forec...
- Cold Pressed Oil Market Trends 2024, Leading Companies Share, Size And Fo...
- Pasta Sauce Market 2024, Industry Growth, Share, Size, Key Players Analys...
Comments
No comment