New Delhi, May 16 (IANS) The Enforcement Directorate (ED) on Tuesday said that they have attached assets worth Rs 9.77 crore in a money laundering investigation against Ravi Ayyaswamy Ramasubramanian and Rajiv Deepak Mata for siphoning funds from Iced Desserts and Food Parlours India Pvt Ltd (IDFPL) where they were both directors.
It said that the provisionally attached assets include six immovable properties at Pune and movable assets including FDs and investments in equity market/mutual funds worth Rs 4.06 crore.
The ED initiated the money laundering investigation based on the FIR and charge sheet filed by the EOW Pune against Ramasubramanian and Mata for siphoning of Rs 38.68 crore from the IDFPL.
The ED investigation has established that a criminal conspiracy was hatched by Ramasubramanian and Mata, former Directors of IDFPL, to fraudulently siphon off funds from bank accounts of the IDFPL to entities controlled by them, namely VRR Trading Co Pvt Ltd, Sri Venkateshwara Traders, and RM Associates.
“These two persons had been working in IDFPL from a long time and they misused the trust reposed in them. They had authority to operate bank accounts and even prepare and maintain its books of accounts. The books of accounts of IDFPL were manipulated and fudged to hide the actual transactions undertaken with the entities controlled by them,” the ED said.
The ED investigation has established that a total of Rs 42.63 crore was siphoned off from IDFPL during period ranging from year 2003 to 2016.
The siphoned off funds was utilised by the accused for investments in purchase of fixed assets, insurance policies, cash withdrawals, and business expenditure.
“Majority of the siphoned off amount was withdrawn in cash and has been exhausted without creating any tangible asset. The ED has identified assets created from the proceeds of crime and equivalent assets and a Provisional attachment order has been issued to preserve the proceeds of crime,” the ED said.
–IANS
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