6 months ago
1
The Enforcement Directorate (ED) has provisionally attached immovable and movable assets valued astatine ₹80.05 crore arsenic portion of its probe into alleged amerciable mining by M/s Santosh Sand and Granite Supply.
The bureau named proprietor Gudem Madhusudhan Reddy and his subordinate G Vikram Reddy, stating that they carried retired excess mining successful the allotted quarry and illegally extracted worldly from unassigned authorities land. Officials said this caused a royalty nonaccomplishment of ₹39.08 crore to the State and allowed the accused to amass an estimated ₹300 crore.
Searches by the ED led to the seizure of archetypal spot documents from the possession of Madhusudhan Reddy, and investigators said the assets stood successful the names of galore radical who aboriginal admitted to being benami holders connected his behalf. The mining licence was granted to M/s Santosh Sand and Granite Supply, but the steadfast allegedly subcontracted operations to M/s GVR Enterprises, a concern of Madhusudhan Reddy and Vikram Reddy, without authorities approval.
Investigators recovered that illegally mined worldly was mostly sold for currency and the proceeds were diverted into spot purchases successful benami names. Eighty 1 specified assets worthy ₹78.93 crore person been attached. Fixed deposits of ₹1.12 crore linked to payments owed to M/s GVR Enterprises were besides identified arsenic proceeds of transgression and attached. The ED said further probe is successful progress.
