The Enforcement Directorate (ED) has provisionally attached deposits amounting to ₹5.34 crore belonging to K. Somasekhar, director of mining company M/s ILC Industries Ltd., Bengaluru under provisions of the Prevention of Money Laundering Act, 2002.
According to an official release, Somasekhar was involved in illegal mining. After the ACB wing of the CBI investigated allegations of illegal mining, five chargesheets were filed against Somasekhar and others under the Indian Penal Code, 1860; Prevention of Corruption Act, 1988; and MMDR Act. Based on the same, the Directorate of Enforcement, Bengaluru zone, registered a case of money laundering against them.
“Investigations under Prevention of Money Laundering Act, 2002 revealed that Somasekhar was in possession of movable assets worth ₹ 5.34 crore acquired out of criminal conspiracy and illegal mining in collusion with other co-accused. It was also noticed that 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,” a release said, adding that it was after this that the ED provisionally attached deposits worth ₹5.34 crore in his bank account.
ADVERTISEMENT
Further investigations under the Prevention of Money Laundering Act are on.