The Directorate of Enforcement (ED), Hyderabad Zonal Office, has provisionally attached five immovable properties worth Rs 16.35 crore under the Prevention of Money Laundering Act (PMLA), 2002, in connection with a cheating case involving office bearers of M/s Vivekanand BHEL Employee Mutually Aided Cooperative House Building Society Ltd. and others.
The attached assets comprise open land registered in the names of builder M/s Tribha Ventures Pvt. Ltd., represented by P. Govardhan Reddy, and D. Srinivasa Rao, President of the housing society.
The ED initiated its probe based on two FIRs registered by Ramachandrapuram Police Station, Cyberabad, under IPC sections including 420 and 120-B, along with provisions of the Telangana Depositors Protection Act.
The investigation revealed that the society collected around Rs 18.09 crore from 316 members for a housing project at Muthangi village but diverted the funds for personal gains. Society funds were allegedly routed through multiple accounts and used to acquire land in the names of the builder and office bearers. Proceeds of crime of approximately Rs 17.31 crore were identified. Further investigation is underway.