ED attaches Rs90L FDs of Sree Venkateshwara Industries
The Enforcement Directorate (ED) on Thursday attached fixed deposits (FDs) worth Rs90 lakh of Sree Venkateshwara Industries in a money laundering case. The action has been taken against the company, under various sections of the Prevention of Money Laundering Act (PMLA), ED said in a statement.
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Hyderabad The Enforcement Directorate (ED) on Thursday attached fixed deposits (FDs) worth Rs90 lakh of Sree Venkateshwara Industries in a money laundering case. The action has been taken against the company, under various sections of the Prevention of Money Laundering Act (PMLA), ED said in a statement.
The Hyderabad-based company is a reputed manufacturer and supplier of an extensive range of control panel boards including switch boards, LT panel boards, electrical control panel boards, SS control panels boards and MS control panel boards.
“The money laundering case of the ED stems from a complaint filed by the Telangana State Pollution Control Board (TSPCB) before the Court of Metropolitan Magistrate, Cyberabad, at Medchal. It was alleged by the board that the company was disposing hazardous waste material without proper treatment in violation of the prescribed rules and regulations stipulated by the TSPCB under various sections of the Water (Prevention and Control of Pollution) Act, 1974 and the Air (Prevention and Control of Pollution) Act.”
Sree Venkateshwara Industries and its partners did not comply with the statutory requirement of treatment of hazardous waste generated in their premises and did not send the same to the treatment, storage and disposal facility of Hyderabad waste management project, the ED probe found. Instead, the agency alleged, the firm disposed the waste by giving it to brick manufacturers. The company and its partners generated proceeds of crime amounting to Rs90 lakh which has been provisionally attached under the PMLA, it said.
