The Enforcement Directorate (ED) has filed a prosecution complaint against three persons including an Electronic Corporation of India Limited (ECIL) official, before a local court for the offence of money laundering in connection with a disproportionate assets case.
The ED Hyderabad Zonal Office had registered an Enforcement Case Information Report (ECIR) in April 2011 based on the charge sheet filed by CBI against ECIL former General Manager G N V Satyanarayana and others under relevant sections of Prevention of Corruption Act for possessing disproportionate assets worth about Rs 45 lakhs.
ED initiated investigation under Prevention of Money Laundering Act (PMLA) against Satyanarayana and others and based on the evidences collected during investigation the proceeds of crime were identified in the form of movable property of Rs 39 lakhs (FDs) in the name of Satyanarayana's son G Ashwini Raja, and immovable property registered in the name of his brother-in-law N Raj Kumar.
These properties were provisionally attached by ED and the same were confirmed by the Adjudicating Authority, PMLA, New Delhi stating that the said properties were proceeds of crime involved in money laundering. Accordingly, ED has taken over the possession of these properties, ED Joint Director N Sridhar said today.
Subsequent to the taking over of the possession of these properties, the ED filed prosecution complaint in a city court on March 19 against Satyanarayana and two others.
CBI in January 2009, had filed the case against Satyanarayana on charge of amassing wealth illegally. It was earlier alleged that he acquired properties worth over Rs 45 lakhs that were disproportionate to his known source of income.
