Hyderabad: The Enforcement Directorate has attached assets of the former director of Insurance Medical Scheme (IMS) and his colleagues, family members and suppliers in relation to the IMS scam in the state.
The assets worth Rs 144.4 crore — both movable and immovable — were attached under the Prevention of Money Laundering Act (PMLA), 2002.
The ED had initiated a money laundering investigation on the basis of eight First Information Reports (FIRs) registered by the Anti-Corruption Bureau, Hyderabad, against the officials of IMS and other individuals.
The ACB had charged the IMS officials of violating the tendering process for medicines, resulting in the misappropriation of government funds and causing Rs 211-crore loss to the state exchequer.
According to the investigation, then director IMS Dr Devika Rani, in collusion with IMS joint director, and other staff, had violated all norms to purchase medicines from companies belonging to K. Srihari Babu and other benami firms at grossly inflated prices.
The investigation showed that the indents of dispensaries were fabricated and stock registers were fabricated to siphon off the medicines.
According to ACB, Dr K. Padma, the joint director of IMS, was found to siphon off medicines and supplies in the name of medical camps. “Patented products were sold in a cyclical manner and ultimately purchased by IMS at 4-5 times their normal market rate.”
In order to layer and conceal the bribe money, the families of the IMS director and pharmacist Nagalaxmi entered into a deal with PMJ Jewellers to channel their bribe money to purchase jewellery worth around Rs 6.28 crore from the proceeds of crime.
The investigation has also revealed that cash was regularly deposited in their bank accounts at regular intervals and the same was later on used to buy immovable properties. The proceeds of crime were shown as excess profit or cash infusion in their personal bank accounts or accounts of various shell firms.
