ED attaches assets in PMLA case

HYDERABAD: The Directorate of Enforcement (ED) said it had attached five immovable properties located at Hyderabad and Thiruvallur of Tamil Nadu valued at ₹1.24 crore belonging to T.V. Krishna Rao and Ch V.K. Sai Kumar for allegedly defrauding a bank under the provisions of the Prevention of Money Laundering Act, 2002.

The ED alleged that Krishna Rao had diverted ₹25 crores that Northern Coalfields Limited had sent the Central Bank of India for the creation of FDR/ TDR, into the current account of his company Krishnaa Builders. Sai Kumar accepted ₹6 crores out of the amount into the current account of his company, Swal Computers.

The ED has issued 12 PAOs having a value of ₹8.95 crores which the Adjudicating Authority, PMLA, New Delhi, has confirmed.