ED files prosecution complaint against Gujarat-based media firm director in money-laundering case

New Delhi, Jan 21 (UNI) Enforcement Directorate (ED) on Thursday said that it has filed a prosecution complaint against PVS Sarma, director of Sanket Media Private Limited, in connection with a money-laundering case.

The probe agency issued a provisional attachment order under Prevention of Money Laundering Act (PMLA), 2002 on identification of ‘Proceeds of Crime’ worth Rs 2.70 crores, held in the name of the company, PVS Sarma and his family members on January 4 and the accused Sarma was arrested by the agency on November 26 last year for his involvement in the offense of money laundering and has been still in Judicial Custody.

The Central financial probe agency initiated investigation on the basis of FIR registered by Gujarat State Police (Umra Police Station, Surat) under sections 465,468,471,420 and 120B of the Indian Penal Code 1860 pursuant to investigation conducted by the Income Tax Department against Sarma and his company.

The investigation under PMLA revealed that Sanket Media Pvt. Ltd was involved in printing and publishing the newspaper Satyam Times in both Gujarati and English language and the the circulation of the newspapers were shown at 23,500 and 6000-6300 copies daily for the Gujarati and English editions respectively, actual circulation was only around 300-600 and 290 for Gujrati and English respectively.

“Inflated figures of circulation were shown so as to attract more advertising agencies including Directorate of Advertisement and Visual Publicity and other private advertising companies to publish their advertisements in the said newspaper. Accused PVS Sarma, using the said company,has indulged in conspiracy and cheated the Government and private advertising companies and, by doing so, had received Rs 2.70 crores towards advertisement”, the officials in ED said.

The bogus purchase of raw materials was shown by making false entries in the books of accounts from bogus companies and by creating bogus documents and making its usage as true, they added.

Now a Prosecution Complaint has been filed before the Special PMLA Court for confiscation of the attached assets to the tune of Rs 2.70 crores apart from awarding punishment to the accused persons, the ED said adding that further investigation in this case has been under progress.

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