Money laundering case: ED freezes investments worth Rs 88 lakh of Qatar-based firm chief
Directorate of Enforcement (ED) on Friday froze the investment, worth Rs 88 lakh in India, of Qatar-based firm chief Subrahmanyam Srinivas Pinninti in a money laundering case.
As an official statement of ED, a freezing order was issued under the Prevention of Money Laundering Act 2002 (PMLA), against Pinninti, freezing his investments worth Rs 88 lakh made in India out of the proceeds of crime acquired in Qatar.
ED said the freezing order was passed after search action under PMLA which was initiated based on Letter Rogatory (LR) received from the Embassy of Qatar, New Delhi.
"Money Laundering investigation by ED revealed that Subrahmanya Srinivas Pinninti had transferred suspected funds from his Doha National Bank account to his Indian bank accounts with Axis Bank and HDFC Bank. The money
trail revealed that he has invested Rs 45 Lakh out of these funds in various mutual funds in the name of his wife and self. And he also acquired a few landed properties," the statement said.
On June 15, ED had conducted a search operation at Pinninti residence in Seethammadhara, Visakhapatnam and it was found that he has acquired three residential plots in his name in Vizinagaram and Visakhapatnam District, Andhra Pradesh.
ED said the current guidance value of the three plots is approximately Rs 43 Lakh.
"Further investigation is under progress," ED added.
(With ANI inputs)
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