The Directorate of Enforcement (ED) has made significant progress in a money laundering case involving the diversion and misutilization of crores of funds of the Andhra Pradesh government disbursed for the implementation of “Siemens Projects” aimed at providing advanced software and technical skills to the youth of Andhra Pradesh.
The Enforcement Directorate has arrested Soumyadri Shekhar Bose alias Suman Bose, Ex MD of M/s Siemens Industry Software India Pvt Ltd (SISW), Vikas Vinayak Khanvelkar (MD of M/s Designtech Systems Pvt Ltd, Mukul Chandra Agrawal, Ex Financial advisor, and authorized signatory of M/s Skillar Enterprises India Pvt Ltd and Suresh Goyal, CA in a money laundering case for diversion and misutilisation of funds.
The accused persons were produced before the Hon’ble Special PMLA Court in Visakhapatnam, which has granted seven days custody of the accused persons to the Enforcement Directorate till 20/3/2023.
The ED investigation revealed that the purpose of diverting the funds was to generate cash and thereby siphon off money from the system without utilizing the same for the Siemens Projects for which funds were sanctioned by the Government of Andhra Pradesh.
The investigation under the Prevention of Money Laundering Act (PMLA) was initiated on the basis of an FIR registered by the AP CID regarding swindling of Government money to the extent of Rs. 241 crore in a dubious manner.
The ED investigation revealed diversion and siphoning off Government funds given to Designtech Systems Pvt Ltd through M/s Skillar Enterprises India Pvt Ltd and thereafter through a web of shell companies under the guise of supply of software/hardware/materials/services without any genuine supplies.
The ED investigation so far has established a money trail of diversion of around Rs. 70 crore. Further investigation in this case is ongoing.
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