The Enforcement Directorate (ED) has seized movable and immovable assets valued at Rs23.54 crore related to the alleged misuse of funds in the Andhra Pradesh State Skill Development Corporation (APSSDC) Siemens project. This operation was conducted by the ED’s Hyderabad Zonal Office under the Prevention of Money Laundering Act (PMLA), 2002, according to ANI.
The Siemens project, aimed at promoting skill development and entrepreneurship in Andhra Pradesh, became a focal point of the ED’s investigation following an FIR filed by the Andhra Pradesh CID against Designtech Systems Private Limited (DTSPL) and other entities. They are accused of misappropriating government funds intended for the Siemens project for unrelated purposes.
Investigations revealed that Vikas Vinayak Khanvelkar, Managing Director of DTSPL, along with Soumyadri Sekhar Bose (also known as Suman Bose), former Managing Director of Siemens Industry Software India Pvt. Ltd., and associates Mukul Chandra Agarwal and Suresh Goyal, allegedly diverted government funds through shell companies and defunct entities.
The accused reportedly siphoned off these funds via complex transactions involving fake invoices for non-existent materials and services. The ED found that funds were funneled through intermediaries, with commissions paid to “entry providers.” Various movable properties, including bank balances and shares, as well as residential properties in the Delhi NCR, Mumbai, and Pune, were identified as proceeds of crime.
Previously, the ED attached fixed deposits worth Rs31.20 crore belonging to DTSPL, a decision upheld by the Adjudicating Authority under PMLA. Additionally, the ED has arrested Khanvelkar, Bose, Agarwal, and Goyal, filing a prosecution complaint before a Special Court in Visakhapatnam, which has acknowledged the case.
