The Enforcement Directorate (ED) recently conducted a search operation in Mumbai and Chennai, resulting in the seizure of cash, bank balances, shares, and movable property collectively valued at over Rs. 45 crore. In addition to these assets, high-end apartments in Mumbai and Chennai, as well as other properties allegedly acquired through the proceeds of crime, were identified. Relevant documents pertaining to an alleged money laundering case connected to the alleged misappropriation of Rs. 129 crore were also seized during this operation.
Why were the search operations conducted?
According to the Enforcement Directorate, on 29th and 30th November, search operations were conducted at over 14 locations in Chennai and Mumbai. The focus of these operations was on Ramprasath Reddy, a former employee of Gateway Office Parks Private Limited (GOPL), formerly known as Shriram Properties and Infrastructure Private Limited. GOPL was acquired by the global fund house Xander in 2017 from Shriram Properties for Rs 2,300 crore, marking one of the largest private equity transactions in India in this space. The accused, Ramprasath Reddy, joined the board of GOPL in May 2017 and served as the person on whose directions GOPL operated. He was also its authorized signatory until October 2020.
The money laundering case originates from an FIR filed by the Chennai Police crime branch against Ramprasath Reddy and others for allegedly siphoning Rs 129 crore. The complaint was lodged by Gateway Office Parks Private Limited (GOPL), Chennai, as per the ED statement.
Investigations reveal money laundering
The ED investigation revealed that Ramprasath Reddy allegedly orchestrated the misappropriation of Rs. 129 Crore through his family-owned entities. Funds were diverted through these entities under the pretext of payments for the supply of goods and services, utilizing counterfeit invoices, the statement claimed. Undisclosed cash and bank deposits, totaling more than Rs. 45 crore, were frozen under section 17(1A) of the Prevention of Money Laundering Act (PMLA).After Money Laundering Probe, Jet Airways Ex-Chairman Naresh Goyal Faces Investigation Over Below-Market Sale Of Heritage Property 2023-12-04T17:56:07Z dg43tfdfdgfd