ED attaches ₹51.29 lakh in Hyderabad Cricket Association fund misuse case
The Hindu
ED Hyderabad attaches ₹51.29 lakh property in HCA funds misappropriation case; investigation reveals illegal gains transferred to family members.
The Directorate of Enforcement (ED), Hyderabad Zonal Office has provisionally attached immovable property worth ₹51.29 lakh on March 18 in the case of misappropriation of funds of Hyderabad Cricket Association (HCA) by its office bearers.
The ED investigation revealed that Proceeds of Crime (POC) totalling ₹90.86 lakh were received by Surender Agarwal (Ex-Vice President and Treasurer of HCA) and his family members as illegal pecuniary gain from the suppliers of cricket balls, bucket chairs and gym equipment to HCA.
The agency initiated an investigation under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The probe was based on several FIRs registered by the Hyderabad Cricket Association against its office bearers. The allegations involved the misappropriation of funds sanctioned for the construction of the Rajiv Gandhi International Cricket Stadium at Uppal, Hyderabad. Additionally, funds were allegedly misused in the procurement of cricket balls, gym equipment, and bucket chairs.
ED investigation revealed that the office bearers of HCA gave contracts for supply of cricket balls, bucket chairs and gym equipment to M/s Sara Sports, M/s Excellent Enterprises and M/s Body Drench India Pvt. Ltd. respectively at highly inflated prices. The illicit financial gains received by the suppliers, which were Proceeds of Crime (POC) in the case, were transferred to Surender Agarwal and his family members as quid pro quo.
“ED investigation revealed that as quid pro quo, Sara Sports transferred ₹17 lakh to KB Jewellers, a proprietorship firm of Surender Agarwal’s wife as well in the personal bank account of Surender Agarwal’s son, Akshit Agarwal by layering the same through the bank accounts of several entities on the pretext of sponsoring a music show, event management, etc,” said the ED.
Similarly, M/s Excellent Enterprises transferred POC amounting to ₹21.86 lakh to the personal bank account of Surender Agarwal’s son Akshit Agarwal on the pretext of loan as well as to KB Jewellers on the pretext of purchase of diamonds.
Cash withdrawals of POC from the bank accounts of Excellent Enterprises were also revealed to have been transferred to Surender Agarwal as quid pro quo for supply of bucket chairs at exorbitant prices. By using the same modus operandi, Body Drench India Pvt., supplier of gym equipment at highly inflated prices, transferred POC of ₹52 lakh directly to the personal bank accounts of Surender Agarwal and his daughter-in-law as well to M/s KB Jewellers on the pretext of purchase of diamonds.
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