Former IFS officer Akula Kishan booked by ED over funds misappropriation in AP women’s co-op
ED charges ex-IFS officer Akula Kishan with diverting funds up to Rs 15.39 crore and more from the AP women’s cooperative
By Newsmeter Network
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Hyderabad: Directorate of Enforcement (ED), Hyderabad Zonal Office, has filed Prosecution Complaint (PC) before the Special PMLA Court, Hyderabad, against former IFS officer Akula Kishan and others under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The case involves misuse of official authority to misappropriate funds and transactions up to Rs 15.39 crore and more.
The ED initiated PMLA investigation based on the FIR registered by the CID Police Station, Hyderabad.
Irregular appointments and illegal land transactions
The predicate case pertains to alleged violations wherein A Kishan, while holding an official position, colluded with other individuals and private entities to misappropriate funds from the Andhra Pradesh Women’s Co-operative Finance Corporation (APWCFC).
The fraudulent activities, which occurred between April 2005 and 2008, involved irregular appointments, unauthorised land transactions and procedural violations to facilitate irregular purchases.
He also misused APWCFC properties by leasing or renting portions of its buildings, withdrawing large sums of money dishonestly, and causing significant financial loss to the corporation and the government exchequer.
Accused disbursed Rs 15.39 crore loans to ineligible candidates
The ED investigation revealed that Kishan, while serving in APWCFC, made illegal appointments and promotions without requisite approvals to secure the loyalty of certain individuals
He later utilised them to disburse Rs 15.39 crore loans to ineligible and related persons and benamis without proper sureties or documentation, often based on handwritten notes under the Indiramma Mahila Upadi Pathakam (IMUP) loan program.
Further, Kishan, along with CEO V Santosh Kumar, opened secret bank accounts, executed fake agreements, and collected Rs 7.5 crore in the name of APWCFC.
The accused made office purchases without tenders
He diverted funds to personal accounts and associates.
He also purchased computers, laptops, software, cell phones, printing machines and vehicles without tenders, at inflated rates, thereby causing monetary gain to himself.
Consequently, Kishan defrauded APWCFC and others, causing wrongful loss amounting to Rs 23.46 crore and utilised the Proceeds of Crime for his benefit.
The court took cognisance of the PC on August 13. The ED had earlier attached immovable properties, belonging to A Kishan and others, worth Rs 1.26 crore under the provisions of the PMLA, 2002.
