ED seizes flat of Hyderabad man Kommalapati Kishore Babu in trade fraud case
An investigation under money laundering was initiated by ED based on an FIR registered by the Central Bureau of Investigation's Economic Offence Wing.
By Newsmeter Network Published on 12 Jan 2022 2:04 PM GMT
Hyderabad: The sleuths of Enforcement Directorate have seized a flat worth Rs 30 Lakhs owned by Kommalapati Kishore Babu, an Ex-Business Development Manager of M/s Global Trade Finance Limited, Hyderabad(presently known as SBI Global Factors Limited).
An investigation under money laundering was initiated by ED based on an FIR registered by the Central Bureau of Investigation's Economic Offence Wing.
According to the case Mr. Kommalapati Kishore is accused of accepting a bribe of Rs 50 Lacs from Mr Karvendula Vijay Kumar Chanakya, to facilitate trade finance facilities to M/s Digital PC Technologies Limited on the basis of fake and fictitious trade receivable.
The crime began when Karvendula Vijay Kumar Chanakya secured a credit facility (loan) from a bank but cheated the financing firm. Vijay Kumar diverted the loan proceeds for personal gain and the account became Nonperforming Assets, causing a total loss caused to M/s Global Trade Finance Limited, Hyderabad of Rs 9.32 Crore.
The investigation under money laundering,2002, revealed that Mr. Kommalapati Kishore Babu had systematically layered the bribe proceeds of Rs 50 Lacs received from M/s Digital PC Technologies Limited by making cash deposits in his Bank Accounts and he utilized this amount for the purchase of a Flat no. 305, Silver Springs, Czech Colony, Sanathnagar, Hyderabad valued at Rs 30,57,000. The said flat is nothing but direct proceeds of crime, ED said.
