New Delhi, Feb 5 (UNI) The Enforcement Directorate (ED), Visakhapatnam Sub-Zonal Office, stated on Thursday that it has attached movable and immovable properties worth Rs 1.39 crore in the case against Alladaboina Satish of the Indian Railways for acquiring disproportionate assets in his and his family members’ names.
The attached properties include nine residential flats and plots, along with three fixed deposits held in the names of Alladaboina Satish, his wife, and his parents-in-law.
The ED initiated its investigation under the Prevention of Money Laundering Act (PMLA) based on an FIR registered by the CBI’s Anti-Corruption Bureau. The case was against Alladaboina Satish (IRSE:2001), the then Deputy Chief Engineer (Design) of the North Frontier Railway in Maligaon, Guwahati, for acquiring assets disproportionate to his known sources of income.
According to the CBI’s chargesheet, Satish amassed disproportionate assets amounting to approximately Rs 1.39 crore, which was 83.30 per cent in excess of his legitimate income during the check period from April 1, 2008, to January 24, 2016.
The ED investigation revealed that Alladaboina Satish fraudulently and dishonestly amassed immovable properties disproportionate to his known income. Proceeds of Crime (POC) in the form of cash were directly used to acquire these properties in his and his family members’ names. Significant cash deposits were also made into his, his wife’s, and his father-in-law’s bank accounts to conceal the illicit origin of the funds.
These illicit funds were further used to acquire immovable properties via bank transfers. Additionally, cash from the POC was handed over to an associate in exchange for bank transfers to purchase properties.
Satish could not provide a satisfactory explanation or any documentary proof for the source of these assets acquired in his name and the names of his family members and relatives. Further investigation into the matter is ongoing.
ED seizes Rs 1.39 Cr in assets in Railway Engineer’s disproportionate wealth case
