‘Siemens Project’ fraud case: In a significant crackdown, the Enforcement Directorate (ED) arrested 4 individuals in reference to its money laundering probe into the alleged diversion of Andhra Pradesh authorities funds for the implementation of the ‘Siemens Project’. The case pertains to the diversion and misutilisation of crores of funds the state authorities disbursed for the implementation of “Siemens Projects” in which the federal government geared toward offering superior software program and technical expertise to the native youth.
The arrested people have been recognized as Soumyadri Shekhar Bose a.okay.a. Suman Bose, ex-MD of Siemens Industry Software India Pvt Ltd (SISW), Vikas Vinayak Khanvelkar (MD of Designtech Systems Pvt Ltd), Mukul Chandra Agrawal, ex-Financial Advisor, and authorised signatory of Skillar Enterprises India Pvt Ltd, and Suresh Goyal, a Chartered Accountant.
According to the official, all of the accused have been offered at a Special PMLA Court in Visakhapatnam which remanded them to seven days’ custodial remand.
The official stated that the PMLA investigation was initiated on the premise of an FIR registered by Andhra Pradesh CID relating to swindling of presidency money to the extent of Rs 241 crore in a doubtful method.
What did ED investigation reveal?
The ED investigation revealed diversion and siphoning off authorities funds given to Designtech Systems Pvt Ltd by means of Skillar Enterprises India Pvt Ltd, and thereafter, by means of an internet of shell corporations beneath the guise of provide of software program, {hardware}, companies with none real provides.
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The goal for such diversion of funds was to generate money and thereby, siphon off money from the system with out utilising the identical for the Siemens Projects for which funds have been sanctioned by the federal government of Andhra Pradesh, it stated.
It needs to be famous right here that the ED has claimed to have established a money path of diversion of round Rs 70 crore thus far.
(With inputs from businesses)
