The Enforcement Directorate (ED) has filed a charge sheet against a former Life Insurance Corporation (LIC) employee based in Andhra Pradesh in a money laundering case linked to alleged misappropriation of Rs 1.82 crore.
The central investigative agency issued a statement to say that the prosecution complaint or the charge sheet has been filed against Dharavathu Sakru before a special court in Vishakhapatnam that tries cases under criminal sections of the Prevention of Money Laundering Act (PMLA).
It said the alleged siphoning of funds was done when Sakru was employed as an assistant (higher grade) at the Jaggaiahpet branch of LIC in Krishna district of Andhra Pradesh.
The agency took cognisance of a state police FIR against Sakru that alleged "misappropriation of LIC funds to the extent of Rs 1.05 crore" and a 2014 CBI FIR against him for purported financial irregularities of Rs 77 lakh of the national insurer.
"Collectively D Sakru had defrauded LIC to the tune of Rs 1.82 crore," the ED said.
"Sakru hatched a conspiracy to siphon off LIC funds. During the period from 2002-2013, in two different instances he misused his privileges and illegally issued cheques/demand drafts fraudulently in the names of his acquaintances and transferred LIC funds to their accounts and subsequently collected these amounts from the account holders."
"The ex-LIC employee layered the proceeds of crime into multiple accounts to avoid detection," the ED alleged.
The diverted funds were used by him either "to settle his pending dues of the chilli trade or directly withdrawn in cash and taken over from the bank account holders."
The ED alleged Sakru generated proceeds of crime of Rs 1.82 crore using the modus operandi.
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