AP Skill Development Corporation case: ED attaches Rs 31 cr properties of Designtech

ED has provisionally attached properties amounting to Rs. 31.20 Crore belonging to DTSPL in a moneyl aundering investigation

Directorate of Enforcement (ED)

HYDERABAD: Directorate of Enforcement (ED) has provisionally attached properties amounting to Rs. 31.20 Crore belonging to Designtech Systems Private Limited (DTSPL) in a moneyl aundering investigation.

The ED initiated investigation under the Prevention of Money laundering Act (PMLA), 2002 on the basis of an FIR registered by AP CID against M/s Designtech Systems Private Limited and others for cheating the Andhra Pradesh Government by diverting and siphoning off funds in the case of Andhra Pradesh State Skill Development Corporation (APSSDC) Siemens Project which was meant to promote skill development; entrepreneurship in Andhra Pradesh.

Investigation conducted by the ED revealed that M/s DTSPL, its director and others diverted the Government funds with the help of shell entities through multi-layered transactions and siphoned off the funds on the strength of bogus invoices under the pretext of supply of materials/services.

Part of the diverted funds was received back by DTSPL to its bank accounts. Proceeds of crime in the possession of DTSPL have been traced in the form of fixed deposits. These fixed deposits totaling to Rs 31.20 Crore have been provisionally attached during investigation.

Previously, in the instant case, the ED had arrested MD of DTSPL, Vikas Khanvelkar, Suman Bose, Mukul Chandra Agarwal and Suresh Goyal on March 4,2023. The arrested accused persons are presently in Judicial Custody.

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