ED attaches Rs 1.67 Cr worth properties of Telangana businesman for cheating civil supplies dpt

Hyderabad: The sleuths of Enforcement Directorate have provisionally attached assets worth Rs 1.67 Crore of Telangana businessman Seemakurthy Narasimha Rao, Managing Partner of Sri Sai Krishna Rice Industry, for cheating the state's civil supplies department.

The accused who hails from Aswaraopeta, BhadradriKothagudem district of the state, has been booked under Prevention of Money Laundering Act, 2002 (PMLA) for cheating the government.

ED took up investigation based on an FIR registered by Telangana Police. Seemakurthy Narasimha Rao, cheated Andhra Pradesh State Civil Supplies Corporation Limited, APSCSCL (now M/s Telangana State Civil Supplies corporation Limited, TSCSCL) to the tune of Rs 1.95 Crore by not supplying the required quantity of rice/paddy.

Investigation under PMLA revealed that he diverted the sale proceeds of boiled rice/paddy by selling it in the open market and generated proceeds of crime to the tune of 1.95 Crores in cash.

Subsequently, Seemakurthy Narasimha Rao used a part of money ( 90 Lakhs) to square off his loan taken from the e- State Bank of Hyderabad, Aswaraopeta (now SBI) and siphoned off the remaining money for the benefit of himself and his family members.