ED attaches Rs 1.27 crore assets of ex-CPWD engineer in graft case
HYDERABAD: The Hyderabad zonal office of the Directorate of Enforcement has provisionally attached — under the provisions of the Prevention of Money Laundering Act, 2002 — three immovable properties worth approximately Rs 1.27 crore which the agency believes were illegally obtained by P Sai Komareswar and his wife P Padmavathi.
The agency took up an investigation based on an FIR and chargesheet filed by the ACB-CBI, Hyderabad under various Sections of the Prevention of Corruption Act, 1988 and IPC 1860 against Komareswar and Padmavathi after they were found to have disproportionate assets to the tune of Rs 1.26 crore.
Komareswar, while working as an executive engineer (electrical), CPWD, Hyderabad was trapped by the ACB after demanding and accepting a bribe from a contractor to clear his bills. The subsequent searches of his residence unearthed several incriminating documents, Rs 30.50 lakh in cash and a locker key.
The investigation revealed that the couple acquired four immovable properties in quick succession, making part of the payment for two land properties in cash and from unsecured loans obtained from various individuals, despite having liquid assets.
The couple could not provide any explanation for the cash seized by CBI and details of the individuals from whom the loans were obtained. ED investigation revealed that the so-called loans were obtained to show that the properties had been acquired from banking channels and to project the proceeds of crime as untainted. Accordingly, three immovable properties were provisionally attached by the ED.