Hyderabad (Telangana) [India], January 12 (ANI): The Enforcement Directorate (ED) has provisionally attached a flat in Hyderabad of one Kommalapati Kishore Babu, Ex-Business Development Manager of M/s Global Trade Finance Limited, Hyderabad (presently known as SBI Global Factors Limited) under the provisions of Prevention of Money Laundering Act (PMLA), 2002. The flat is valued at Rs 30,57,000 lakh.

ED initiated an investigation under PMLA on the basis of FIR registered by CBI, EOW, Chennai against Kommalapati Kishore Babu, Ex-Business Development Manager of M/s Global Trade Finance Limited, and M/s Digital PC Technologies Limited along with its directors Karvendula Vijay Kumar Chanakya, & others.

Also Read | Omicron is Not Just Common Cold, Don’t Take it Lightly, Says Dr VK Paul.

In the charge sheet filed by CBI, EOW, Chennai, it has been stated that Kommalapati Kishore in return for accepting a bribe of Rs 50 Lacs from Karvendula Vijay Kumar Chanakya, had facilitated trade finance facilities to M/s Digital PC Technologies Limited on the basis of fake and fictitious trade receivable.

The ED said that Karvendula Vijay Kumar Chanakya cheated the financing firm and did not service the loan and diverted the loan proceeds for personal gain and the account became NPA. The total loss caused to M/s Global Trade Finance Limited, Hyderabad, on account of this fraud is reportedly Rs 9.32 crore.

Also Read | PM Narendra Modi to Discuss COVID-19 Situation With Chief Ministers on January 13.

The investigation under PMLA 2002, revealed that Kommalapati Kishore Babu had systematically layered the bribe proceeds of Rs 50 Lacs received from M/s Digital PC Technologies Limited by making cash deposits in his Bank Accounts and he utilized this amount for the purchase of a flat at Silver Springs in Czech Colony, Sanathnagar at Hyderabad worth of Rs 30,57,000.

The ED found out that the flat is nothing but direct proceeds of crime and is thus provisionally attached by issuing PAO No 01/2022 on 12.01.2022. Further investigation is in progress, the ED said. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)