HYDERABAD: The Hyderabad Zonal Office of the Directorate of Enforcement has provisionally attached immovable properties worth `6.47 crore under the Prevention of Money Laundering Act (PMLA), 2002. This action is part of an investigation into the alleged misappropriation of funds by a company named Go Rural India.
The probe was initiated based on two FIRs filed under the IPC, 1860, against Go Rural India Pvt Ltd (GRIPL) and its promoters. The complaints were lodged by the Secunderabad and Hyderabad divisions of the TSRTC (now TGSRTC) for non-payment of dues amounting to Rs 21.72 crore. These dues were accrued from the display of advertisements on the buses.
Go Rural India had entered into a contract with TSRTC to display advertisements on its buses. As per the agreement, the company was required to pay the contractual amount specified in the agreement. However, after securing the contract, Go Rural India conducted its advertising business not only through the designated entity but also through other companies, including GRIPL, Poster Town India Pvt. Ltd., Go Transit Media Pvt. Ltd., and Lime Lite Advertising Pvt. Ltd. These companies, managed and controlled by the accused, were not authorised to carry out the advertisement display business.
The ED investigation further uncovered that the accused collected significant sums from clients into their bank accounts, violating the terms of the contract. Instead of remitting the dues to TSRTC, they diverted the advertisement revenue for personal gains. The funds were allegedly used for purposes such as repaying loans, purchasing jewellery, vehicles, immovable properties, and covering other personal expenses. This diversion of funds resulted in a default of `21.72 crore to TSRTC.