Pune: ED Provisionally Attaches Assets Worth Rs 9.77 Crore In IDFPL Money Laundering Case
Pune, 17th May 2023: The Directorate of Enforcement (ED) has taken a major step in the ongoing money laundering investigation against Ravi Ayyaswamy Ramasubramanian and Rajiv Deepak Mata, as it provisionally attached assets worth Rs 9.77 Crore under the Prevention of Money Laundering Act (PMLA) 2002.
The investigation relates to the alleged siphoning of funds from M/s Iced Desserts and Food Parlours India Pvt Ltd (IDFPL). The provisionally attached assets include six immovable properties situated in Pune, as well as movable assets such as fixed deposits (FDs) and investments in the equity market and mutual funds, with a combined value of Rs 4.06 Crore.
The money laundering investigation by the ED was initiated based on the FIR and chargesheet filed by the Economic Offences Wing (EOW) Pune, which accused Ravi Ayyaswamy Ramasubramanian and Rajiv Deepak Mata of siphoning off Rs 38.68 Crore from IDFPL.
According to the ED’s findings, Ravi Ayyaswamy Ramasubramanian and Rajiv Deepak Mata, who were former directors of IDFPL, conspired to fraudulently divert funds from the company’s bank accounts to entities under their control, namely M/s V R R Trading Co Pvt Ltd, M/s Sri Venkateshwara Traders, and M/s R M Associates. Having held positions of trust within IDFPL, they were authorized to operate the company’s bank accounts and maintain its financial records. Manipulation and falsification of the company’s books were used to conceal the true nature of transactions with the aforementioned entities.
The ED’s investigation has revealed that a total of Rs 42.63 Crore was siphoned off from IDFPL between 2003 and 2016. The diverted funds were utilized by Ramasubramanian and Mata for various purposes, including the purchase of fixed assets, investment in insurance policies, cash withdrawals, and business expenditures. The majority of the siphoned funds were withdrawn in cash and spent without creating any tangible assets.
Identifying the assets created from the proceeds of the crime, the ED has issued a provisional attachment order to safeguard these assets. The order aims to preserve the proceeds of the crime and ensure that they are available for further legal action.
Join Punekar News Whatsapp Group, Telegram, Instagram And Twitter For Regular Update about Pune City And Pimpri-Chinchwad
