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IMS scam: ED attaches assets worth Rs 144 crore in money laundering case

IMS rip-off: ED attaches belongings price Rs 144 crore in cash laundering case | Information

New Delhi: The Enforcement Directorate has connected belongings price Rs 144.4 crore belonging to the officers of Insurance coverage Medical Scheme (IMS) and different accused in an alleged rip-off to the tune of Rs 211 crore.
The movable and immovable belongings connected belonged to then Director of IMS, Dr Devika Rani, and different officers, their members of the family and suppliers of medicines.
The ED recognized and connected 131 immovable belongings consisting of 97 plots, 6 Villas, 18 business retailers, 6 agricultural lands and 4 flats in and round Hyderabad, Telangana, Andhra Pradesh, Bangalore and Noida, valued at Rs 144.4 crore, acquired by the accused individuals.
The company claimed that the accused violated the tender course of, misappropriated authorities funds and induced about Rs 211 crore loss to the state exchequer.
ED stated it initiated cash laundering investigation on the premise of eight FIRs registered by Telangana ACB, Hyderabad.
“The then Director IMS, Dr Devika Rani, in collusion with the Joint Director IMS, and different employees of IMS have blatantly violated all norms of the federal government orders and all prudent workplace procedures, and issued Buy Orders to companies largely belonging to provider Okay Srihari Babu and in addition benami companies arrange by Dr Devika Rani, P Rajeshwar Reddy and so on. Medical gadgets had been bought at grossly inflated costs,” stated ED in an announcement.
“Indents of dispensaries had been fabricated and inventory registers had been fabricated to siphon off the medicines. Dr Okay Padma, Joint Director IMS, was discovered to be siphoning off medicines & provides within the title of medical camps. Patented merchandise had been offered in a cyclical method and in the end bought by IMS at 4-5 instances their regular market charge. Dr Devika Rani, Pharmacist Nagalaxmi, and their households with a purpose to layer and conceal the bribe cash, entered right into a conspiracy with M/s PMJ Jewellers and over a interval of 1 yr, commonly channeled their bribe cash and bought pricey jewelry price round Rs 6.28 Crore from Proceeds of Crime. Dr Devika Rani, Pharmacist Nagalaxmi, and their households additionally gave giant money advances to buy prime actual property. Money was additionally deposited of their Financial institution accounts at common intervals and as soon as layered; the identical was used to purchase immovable properties,” it added.
The company additional stated that the “proceeds of crime have been properly layered by displaying extra revenue or money infusion of their private Financial institution accounts or accounts of varied shell companies”. 
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