AP skill development scam: ED attaches properties worth Rs 31.20 crore of DTSPL
DECCAN CHRONICLE | DC Correspondent
VIJAYAWADA: The Enforcement Directorate has provisionally attached properties worth Rs 31.20 crore belonging to M/s Design Tech Systems Pvt Ltd in a money laundering investigation. The case is linked to the AP State Skill Development Corporation.
The ED initiated the investigation under the Prevention of Money Laundering Act, 2002 on the basis of an FIR registered by the AP CID against M/s Design Tech Systems Pvt Ltd and others for "cheating" of the AP government. They allegedly diverted and siphoned off funds in relation to the skill development corporation.
The Siemens project was meant to promote skill development and entrepreneurship in AP.
The ED’s inquiry revealed that the M/s DTSPL, its director and others, diverted the government funds with the help of shell entities through multi-layered transactions. They siphoned off the funds on the strength of bogus invoices under the pretext of supply of materials/services. A part of the diverted funds was received back by DTSPL and its bank accounts.
The proceeds of crime in the possession of DTSPL have been traced in the form of fixed deposits totalling Rs 31.20 crore and they have been in the course of the investigations, ED sources said.
Previously, the ED had arrested the managing director of DTSPL, Vikas Khanvelkar, Suman Bose, Mukul Chandra Agarwal and Suresh Goyal on 4 March 2023, and they were put in judicial custody.