The Enforcement Directorate which had conducted raids on TDP MP Sujana Chowdary’s properties have seized his six high-end cars that are allegedly found in the name of some “dummy” companies. The luxury fleet of cars includes a Porsche, Ferrari, Range Rover, Benze etc. These vehicles have been seized under the provisions of PMLA (Prevention of Money Laundering Act).
The ED has conducted searches on Sujana Group of Companies belonging to TDP MP Sujana Chowdary aka Y Srinivas Chowdary on Friday (23rd Nov, 2018) at 8 locations (seven in Hyderabad and one in Delhi). After thorough searches, ED has issued a press statement, It said that the banks have been defrauded by the group companies to the tune of more than Rs 5700 Crore.
ED said it recovered documents that revealed the existing FEMA/DRI/CBI cases against the group companies of Sujana. It said Forex transactions’ documents were also seized. ED said to have found that over 120 companies are being controlled by YS Chowdary aka Sujana Chowdary and most of them are only “on paper” and “non-operating” without any business activities.
It all began when CBI, BS & FC, Bangalore had registered 3 FIRs against M/s Best & Crompton Engineering Projects Ltd, Chennai (BCEPL) based on the complaints from three banks – Central Bank of India, Andhra Bank and Corporation Bank. The banks complained that the BCEPL had incurred loss to the consortium of the banks to the tune of Rs 364 Crore (Central Bank of India – Rs 133 Crore, Andhra Bank – Rs 71 Crore, Corporation Bank – Rs 159 Crore). The banks in their complaint alleged that the loans were obtained from them by “falsification” of accounts and “submission of false statements”.
It said based on these FIRs, Enforcement Directorate, Chennai has initiated the investigations under Prevention of Money Laundering Act. As part of it ED had conducted searches on 8th Oct, 2018 at BCEPL offices at Chennai, Bangalore and Hyderabad. ED Searches had then resulted in the recovery and seizure of 126 Rubber Stamps of various “shell” companies from the business premises at Plot No.18, Nagarjuna Hills, Punjagutta, Hyderabad-500082. It was also identified that, the above business premises has accommodated many companies of Sujana Group.
Further investigations are now on. ED has summoned YS Chowdary to present before its team on 27th Nov, 2018 (Tuesday) for further probe.