ED Attaches Assets Worth Rs 1.17 cr in Money Laundering Case

According to officials, ED has attached various immovable properties amounting to Rs 94.44 lakh and movable properties amounting to Rs 23.20 lakh in the form of bank balances belonging to Molugu Vijai Kumar and his family members, with combined total of Rs 1.17 crore under the provisions of Prevention of Money Laundering Act (PMLA), 2002.

ED officials initiated investigation on the basis of a FIR registered by the Central Investigation Unit of ACB, Hyderabad under section 13(2) of the Prevention of Corruption Act 1988, against Vijai Kumar, joint director in boilers department, who was holding additional charge of director of boilers, Hyderabad.

“It was alleged that he had acquired assets disproportionate to his known sources of income by indulging in corrupt practices. As per the charge-sheet filed by ACB, Vijai Kumar was found to be in possession of assets worth Rs 2.19 crore which were disproportionate to his known sources of income,” according to an official release.

ED investigation revealed that Vijai Kumar and his family members invested the proceeds of crime in various immovable properties. “He laundered the ill-gotten money projecting the same as business income of his family members and as hand loans received from various persons,” the officials reported.

ED investigation also revealed that the accused disposed several immovable properties which were identified by ACB during its investigation and confiscation of which was prayed for in ACB’s charge-sheet.

Further, the accused was also found to have dissipated the proceeds of crime by withdrawing large amounts of cash from their bank accounts. Properties in the name of Vijai Kumar and his family members were identified during investigation and were provisionally attached under the provisions of PMLA, 2002, the release said.