New Delhi, May 26 :Enforcement Directorate (ED) Today said that it had provisionally attached immovable assets worth Rs 1,67,85,200 of Sri Sai Krishna Rice Industry’s MD Seemakurthy Narasimha Rao located at Aswaraopeta in Bhadradri Kothagudem district in Telangana under the provisions of Prevention of Money Laundering Act, 2002 (PMLA) in a cheating case.

ED initiated investigations under the provisions of PMLA based on Telangana Police FIR and Charge Sheet filed them against Seemakurthy Narasimha Rao, the MD of the said Rice Mills for cheating Telangana State Civil Supplies Corporation Limited, (TSCSCL) to the tune of Rs 1.95 Crore by not supplying the required quantity of rice/paddy to FCI/APSCSCL.

Investigation under PMLA revealed that Seemakurthy Narasimha Rao, had fraudulently diverted the sale proceeds of Boiled rice/Paddy by selling it in the open market and generated proceeds of crime to the tune of Rs 1.95 Crores in cash.

Subsequently, Seemakurthy Narasimha Rao used a part of the said ‘Proceeds of Crime’ of Rs 90 Lakhs to square off the loan taken from the e-State Bank of India and siphoned off the remaining proceeds of crime for the benefit of himself and his family members.

The probe agency identified the ‘Proceeds of Crime’ to the tune of Rs 1,67,85,200/- in the form of three immovable properties of Seemakurthy Narasimha Rao and has attached the same under the provisions of PMLA,2002, the ED said in statement, adding that further investigation has been under progress.(UNI)