Hyderabad, March 19 (IANS)) The Enforcement Directorate (ED), Hyderabad Zonal Office has provisionally attached immovable property worth Rs 51.29 lakh under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 in the case of misappropriation of funds of Hyderabad Cricket Association (HCA) by its office-bearers.
The central agency said it initiated an investigation based on several FIRs registered by the Hyderabad Cricket Association against its office-bearers for misappropriation of funds sanctioned for the construction of the Rajiv Gandhi International Cricket Stadium at Uppal, Hyderabad as well as for misappropriation of funds in the procurement of cricket balls, gym equipment and bucket chairs.
According to the agency, the contracts were given for the supply of cricket balls, bucket chairs and gym equipment to Sara Sports, Excellent Enterprises and Body Drench India Pvt Ltd respectively at highly inflated prices. The illicit financial gains received by the suppliers, which were Proceeds of Crime (POC) in the case, were transferred to Surender Agarwal, former Vice President and Treasurer of HCA and his family members as quid pro quo.
The investigation revealed that POC totalling Rs 90.86 lakh were received by Surender Agarwal and his family members as illegal pecuniary gain from the suppliers of cricket balls, bucket chairs and gym equipment to HCA.
ED investigation revealed that as quid pro quo, Sara Sports transferred Rs 17 lakh to KB Jewellers, a proprietorship firm of Surender Agarwal’s wife as well in the personal bank account of Surender Agarwal’s son, Akshit Agarwal by layering the same through the bank accounts of several entities on the pretext of sponsoring a music show, event management, etc.
Similarly, Excellent Enterprises transferred POC amounting to Rs 21.86 lakh to the personal bank account of Surender Agarwal’s son Akshit Agarwal on the pretext of a loan as well as to KB Jewellers on the pretext of purchase of diamonds. Cash withdrawals of POC from the bank accounts of Excellent Enterprises were also revealed to have been transferred to Surender Agarwal as quid pro quo for the supply of bucket chairs at exorbitant prices.
By using the same modus operandi, Body Drench India Pvt Ltd, supplier of gym equipment at highly inflated prices, transferred POC of Rs 52 lakh directly to the personal bank accounts of Surender Agarwal and his daughter-in-law as well to KB Jewellers on the pretext of purchase of diamonds.
Further investigation is under progress, the agency said.
–IANS
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