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Tuesday, April 23, 2024

ED frozen Indians’ 8.8 million rupees assets at the request of the Qatar government


This Law Enforcement Bureau (ED) Frozen the assets of an Indian man worth 8.8 million rupees who worked in a leading retail chain QatarThe central investigative agency said on Friday that it had adopted anti-money laundering laws in accordance with legal requirements proposed by the Gulf states. ED said in a statement that it also searched Subrahmanya Srinivas Pinninti’s residence in Seethammadhara near Vishakhapatnam, Andhra Pradesh, on June 15.

It said Pinninti is the head of purchasing at Al Meera Consumer Products Company in Doha.

The official website of the business group stated that it is a leading consumer products company founded in 2005 and has more than 50 branches in Qatar.

“The investigation found that Pinninti had transferred suspicious funds from his Doha National Bank account to his Indian bank account.”

“Fund tracking shows that he invested 4.5 million rupees in various mutual funds from these funds in the name of his wife and himself,” ED said.

It stated that the man also “acquired” three residential plots in his name in Vizianagaram and Vishakhapatnam.

“The current guidance (market) value of these three plots is approximately Rs 4.3 million,” it said.

After that, it said, “A freezing order was issued against Pinninti under the Prevention of Money Laundering Act (PMLA) and (ED has) frozen his India From criminal proceeds obtained in Qatar. ”

ED stated that the order was passed after the raid, which was “initiated based on the LR received from the Qatar Embassy in New Delhi”.

ED stated that the investigation of the man is continuing, but did not disclose other details.

Qatar has more than 700,000 Indians-the country’s largest expat community.


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