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ED freezes Rs 88 lakh assets of Indian man on Qatar government’s request

ED freezes Rs 88 lakh assets of Indian man on Qatar government’s request

The Enforcement Directorate (ED) has frozen Rs 88 lakh worth assets of an Indian man, working in a leading retail store chain of Qatar, under the anti-money laundering law acting on a legal request made by the Gulf nation, the central probe agency said on Friday. It also searched the residence of Subrahmanya Srinivas Pinninti on June 15 at Seethammadhara, near Vishakhapatnam in Andhra Pradesh, the ED said in a statement.

Pinninti, it said, is the head of the buyers department in Al Meera consumer goods company based in Doha.

The official website of the business group states that it is a leading consumer goods company established in 2005 and operates over 50 branches in Qatar.

“Probe found that Pinninti had transferred suspected funds from his Doha national bank account to his Indian bank accounts with Axis Bank and HDFC Bank.”

“The money trail revealed that he has invested Rs 45 lakh out of these funds in various mutual funds in the name of his wife and himself,” the ED alleged.

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

“The current guidance (market) value of these three plots is about Rs 43 lakh,” it said.

Following this, it said, a freezing order has been “issued under the Prevention of Money Laundering Act (PMLA) against Pinninti and (the ED has) frozen his investments worth Rs 88 lakh (total worth of mutual funds and land properties) made in India out of the proceeds of crime acquired in Qatar.”

The ED said the order was passed after the raids, that were “initiated based on LR received from Embassy of Qatar, New Delhi.”

The probe against the man is continuing, the ED said without disclosing other details.

Qatar is home to over seven lakh Indians- the largest expatriate community in that country.

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