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ED attaches Rs 5.34 cr deposits in illegal mining case

ED attaches Rs 5.34 cr deposits in illegal mining caseBengaluru, Dec 19 (IANS) The Enforcement Directorate (ED) on Tuesday attached bank deposits worth Rs 5.34 crore of ILC Industries Ltd Director K. Somasekhar in an illegal mining case under the Prevention of Money Laundering Act, 2002.

"Investigation under the PMLA revealed that Somasekhar was in possession of moveable properties valued at Rs 5.34 crore, acquired through criminal conspiracy and illegal mining in collusion with other co-accused," said an ED official in a statement here.

The Central Bureau of Investigation, which conducted an inquiry into the allegations of illegal mining, filed five chargesheets against Somasekhar under the Indian Penal Code, the Prevention of Corruption Act and the Mines and Minerals (Development & Regulation) Amendment Act.

 

"The accused has projected the ill-gotten money/proceeds of crime as untainted by acquiring and placing huge amounts of funds in banks as fixed deposits," said the official.

The mining firm is registered at Hospete in Karnataka's Ballari district, about 330km from here.

(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)

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ED attaches Rs 5.34 cr deposits in illegal mining case

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Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.

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