New Delhi: Directorate of Enforcement (ED) has filed Prosecution Complaint against T Pradeep, former Administrative Officer, M/s Oriental Insurance Company Limited (OICL), Dharwad under the provisions of Prevention of Money Laundering Act, 2002 (PMLA). T Pradeep had acquired the proceeds of crime by misusing his authority in M/s OICL and had fraudulently transferred the company’s fund to third party beneficiaries and layered the proceeds of crime in the form of movable property worth Rs. 1.39 Lakhs.
ED initiated money laundering investigation based on FIR registered by CBI, ACB, Bengaluru on 12.04.2014 and subsequently Charge Sheet was filed against the Accused T. Pradeep under Sections 420, 409, 468,471 & 477-A IPC and Sec. 13(2) r/w 13(1)(c) &(d) of the Prevention of Corruption Act-1988 and Section 66-C of Information Technology Act, 2000 on 17.11.2015.
Investigations revealed that T Pradeep, employee of M/s OICL had committed fraud by misappropriating the amount to the extent of Rs. 5.03 crores by transferring from company’s account to third parties during the period from 02.07.2013 to 26.03.2014. All the third party beneficiaries are fictitious and most of the amount transferred has been withdrawn in cash from different ATMs across India.
On the basis of investigation conducted by ED, it has been revealed that T Pradeep have committed offence under section 3 of PMLA and punishable under Section 4 of PMLA. Accordingly Prosecution Complaint has been filed before the Hon’ble Special Court for PMLA, Mangalore.
