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The Enforcement Directorate (ED) on Friday froze the investment, worth Rs 88 lakh in India, by Qatar-based entrepreneur Subrahmanyam Srinivas Pinninti in a money laundering case.
As an official statement from ED, a freezing order was issued under the Prevention of Money Laundering Act 2002 (PMLA), against Pinninti, freezing his investments worth Rs 88 lakh made in India from the proceeds of crime acquired in Qatar.
ED said the freezing order was passed after a search action under the PMLA that was initiated on the basis of a Letter of Request (LR) received from the Qatari Embassy in New Delhi.
ED’s money laundering investigation revealed that Subrahmanya Srinivas Pinninti had transferred suspected funds from his account at the National Bank of Doha to his Indian bank accounts with Axis Bank and HDFC Bank. in the name of his wife and himself. And he also acquired some land holdings, “the statement said.
On June 15, ED had conducted a search operation at the Pinninti residence in Seethammadhara, Visakhapatnam and it was discovered that he had acquired three residential plots in his name in Vizinagaram and in the district of Visakhapatnam, Andhra Pradesh.
ED said the current indicative value of the three plots is around Rs 43 Lakh.
“Further investigation is underway,” ED added.
(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)
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