ED Attaches Properties in Andhra Pradesh Skill Development Scam
The Enforcement Directorate (ED) has taken action against the misuse of funds in the Andhra Pradesh State Skill Development Corporation (APSSDC) Siemens project. Properties worth Rs 23.54 crore have been attached by the ED’s Hyderabad Zonal Office under the Prevention of Money Laundering Act (PMLA), 2002.
Background of the Case
The project aimed to boost skill development and entrepreneurship in Andhra Pradesh. However, an FIR by the Andhra Pradesh CID accused Designtech Systems Private Limited (DTSPL) and others of diverting government funds for unrelated purposes.
Key Individuals Involved
The investigation revealed that Vikas Vinayak Khanvelkar, Managing Director of DTSPL, and Soumyadri Sekhar Bose, former Managing Director of Siemens Industry Software India Pvt. Ltd., along with associates Mukul Chandra Agarwal and Suresh Goyal, were involved in diverting funds through shell companies and fake invoices.
Actions Taken
The ED identified and attached various properties, including bank balances, shares, and residential properties in Delhi NCR, Mumbai, and Pune. Previously, fixed deposits worth Rs 31.20 crore belonging to DTSPL were also attached. The ED has arrested the accused and filed a prosecution complaint in a Special Court in Visakhapatnam.
Doubts Revealed
ED -: ED stands for Enforcement Directorate. It is a government agency in India that investigates financial crimes like money laundering.
Attached properties -: When the ED ‘attaches’ properties, it means they temporarily take control of properties that might be involved in illegal activities, so they can’t be sold or used by the accused.
Rs 23.54 crore -: Rs 23.54 crore is a large amount of money in Indian currency, the rupee. It is equal to 235.4 million rupees.
Andhra Pradesh -: Andhra Pradesh is a state in the southern part of India. It is known for its rich culture and history.
Skill Development Scam -: A skill development scam is when people illegally take money meant for training programs that help people learn new skills for jobs.
APSSDC -: APSSDC stands for Andhra Pradesh State Skill Development Corporation. It is an organization that helps people in Andhra Pradesh learn new skills for better job opportunities.
Siemens project -: The Siemens project was a part of the skill development initiative in Andhra Pradesh, involving the company Siemens to provide training and equipment.
Shell companies -: Shell companies are fake companies that exist only on paper and are used to hide money or avoid taxes.
Fake invoices -: Fake invoices are false bills created to show that money was spent on something when it actually wasn’t, often used to steal money.
Prosecution complaint -: A prosecution complaint is a formal document filed in court to start legal proceedings against someone accused of a crime.
Special Court -: A Special Court is a type of court that deals with specific types of cases, like financial crimes, to ensure they are handled by experts.
Visakhapatnam -: Visakhapatnam, also known as Vizag, is a city in Andhra Pradesh, India. It is known for its beautiful beaches and is an important port city.
