ED seizes assets worth Rs 1.4 crores of Pinninti family over bribery, cross border funds transfer

Andhra Pradesh: In an ongoing investigation, the sleuths of the Enforcement Directorate seized properties worth Rs 1.4 crores owned by Pinninti Subrahmanya Srinivas and his family members, on allegations of abuse of office of power by taking bribes in Qatar.

Pinninti is the head of the Buyers Department at Al Meera Consumer Goods Company in Doha, Qatar.

The attached assets include three plots in Cheepuruvalasa, Thatithuru and Gidijala villages of Andhra Pradesh, one flat in Visakhapatnam and movable properties of Rs 75 lakhs in the form of investments in mutual funds, LIC policies and balance in bank accounts.

The ED acted based on a complaint received from Qatar against Pinninti Subrahmanya Srinivas, alleging that he had accepted bribes in Qatar by abusing his official position and remitted the proceeds to his bank accounts in India.

The offence committed in Qatar under its corresponding law includes acceptance of bribery by a public servant which is a scheduled offence under the PMLA, 2002 as it falls under Section 7 of the Prevention of Corruption Act, 1988 and is covered under the category of offence of cross border implications.

Illegal gains transferred from Qatar to Indian bank accounts

The ED’s investigation revealed that Pinninti Subrahmanya Srinivas remitted the proceeds of crime generated in Qatar to his bank accounts in India. The funds were further transferred to his other bank accounts and the bank accounts of his family members.

Further, to park the proceeds of crime and to project them as untainted assets, he invested the money earned in immovable properties and as investments in mutual funds, LIC policies etc. The investigation established that the said assets were illegally acquired from the proceeds of crime generated by Pinninti Subrahmanya Srinivas in Qatar and accordingly, the same has been provisionally attached under PMLA.