SOURCE :- SIASAT NEWS
Hyderabad: The Enforcement Directorate (ED) has identified plots and villas worth around Rs 5 crore in Hyderabad allegedly acquired using proceeds of a cyber fraud in which a Kerala-based complainant was cheated of more than Rs 24.76 crore.
The ED’s Kochi Zonal Office conducted searches at three premises linked to Allamraju Satyanarayana Murthy in Hyderabad on October 28 under the Prevention of Money Laundering Act (PMLA). Murthy is an accused in a cyber fraud case registered by the Cyber Police Station in Ernakulam, Kerala.
According to the ED, the case originated from a complaint lodged by Nimesh, who alleged that he was approached through phone calls and Telegram messages and persuaded to invest in online trading through www.capitalix.com with promises of high returns. He allegedly transferred more than Rs.24.76 crore in multiple instalments to bank accounts controlled by the accused between May 23, 2023, and May 27, 2024.
However, the complainant was neither refunded his investment nor paid the promised profits. The ED found that the funds were allegedly diverted through multiple mule bank accounts to conceal their origin and subsequent movement.
Officials found that Murthy had allegedly floated several business entities in the names of his family members and employees to route and layer the proceeds of crime. These included BTR Industries, Velugu Trading Company, Aasritha Mega Solutions Pvt. Ltd., Aasritha Infra Projects and Aasritha Infra Projects Pvt. Ltd.
The ED further found that a villa project had been launched in Hyderabad through the two Aasritha Infra entities and that several immovable properties had allegedly been purchased using the fraud proceeds.
During the searches, officials seized cash worth Rs 6.40 lakh, along with incriminating documents and digital records. Eleven bank accounts linked to the accused, containing around Rs 14 lakh, were also frozen.
The searches and identification of properties are part of the ED’s ongoing investigation into the alleged laundering of proceeds generated through the cyber fraud.
SOURCE : SIASAT
