BENGALURU: The Directorate of Enforcement (ED) has filed a prosecution complaint before the Principal City Civil and Sessions Judge and Special Court at Bengaluru against six individuals on charges of possible money laundering.
The individuals are T L Praveen Kumar, Branch Manager, Bank of Baroda; S K Subramanaya Reddy; R Ranganath, Narasimha Murthy K, Santha Kumari K and R Kavitha. The Special Court (PMLA) has taken cognizance of the prosecution complaint, the ED said in a statement on Thursday.
“Consequently, ED initiated a money laundering investigation on the basis of FIR registered by Central Bureau of Investigation (CBI), Anti-Corruption Branch, Bengaluru, under various sections of Indian Penal Code (IPC), 1860 and Sections 13(2) read with Section 13(1)(d) of Prevention of Corruption Act (PC Act), 1988. Subsequently, based on the investigation conducted by CBI, ACB, Bengaluru, in the aforesaid FIR, chargesheet was filed by the CBI-ACB Bengaluru,” the statement added.
Investigation by the ED revealed, that T L Praveen Kumar, while working as a Senior Manager and Branch Head, Bank of Baroda, Kengeri, Bengaluru, during the period December 12, 2017 to July 7, 2018, in collusion with S K Subramanya Reddy and others, had sanctioned 186 gold loans against the pledge of spurious gold ornaments to 57 borrowers with mala-fide intention, by deviating from the extant guidelines of the bank and caused wrongful loss to the tune of Rs 19.03 crore, the statement said,
“These borrowers were found to be relatives, friends and employees of S K Subramanya Reddy. He transferred the gold loan money received in the respective gold loan accounts to a personal account held in his name and in the name of his family members, thus, layering the proceeds of the crime,” the ED statement said.
The spurious gold loan amount, it said, was used for their personal gains and for the gain of their accomplices, thereby generating proceeds of crime and laundered by way of acquiring/possessing immovable properties from the said proceeds of crime.
Earlier, in the case, immovable properties of Rs 4.83 crore were provisionally attached by the Directorate through a provisional attachment order which was confirmed by the Adjudicating Authority (PMLA), New Delhi.
Further investigation in the matter is under way. (ANI)