Directorate of Enforcement (ED) attached properties worth Rs. 9.77 crores of former directors Ravi Ayyaswamy Ramasubramanian & Rajiv Deepak Mata of M/s Iced Desserts and Food Parlours India Pvt Ltd (IDFPL) against a money laundering case.
The authorities claimed that the pillaged money was used for business expenses, cash withdrawals, investments in the purchase of fixed assets, insurance policies, etc. The majority of the stolen money was taken out in cash and spent without generating any actual goods.
Both the former directors had been employed by the company for a considerable amount of time and were qualified to manage their bank accounts as well as to set up and update their accounting records. IDFPL’s books of accounts were modified and falsified to conceal the true nature of the transactions made with the companies under their control.
For allegedly plundering 38.68 crores from IDFPL, a First Information Report (FIR) and charge sheet were filed against the former directors. Six immovable properties in Pune are among the assets that are provisionally attached, along with movable assets including fixed deposits and investments in mutual funds and the stock market totalling ₹4.06 crore.
The enforcement investigation revealed that the former directors had misappropriated the funds of a total ₹42.63 crore of the company from its bank accounts to the entities controlled by them namely M/s V R R Trading Co Pvt Ltd, M/s Sri Venkateshwara Traders & M/s R M Associates which involved criminal conspiracy for continuous 13 years since 2003.
In accordance with Section 5(1) of the Prevention of Money Laundering Act, 2002, the ED may provisionally attach the property of a person who has the possession of “proceeds of crime”. What is important to remember is that a person must be involved in any action related to the “proceeds of crime” in order to be guilty of the crime of money laundering.
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