The Enforcement Directorate (ED) has attached properties valued at ₹23.54 crore in connection with the misuse of funds linked to the Andhra Pradesh State Skill Development Corporation (APSSDC) Siemens project. This action was taken by the ED’s Hyderabad Zonal Office under the Prevention of Money Laundering Act (PMLA), 2002.
Background of the Investigation
The Siemens project aimed to promote skill development and entrepreneurship in Andhra Pradesh. The investigation began following an FIR filed by the Andhra Pradesh CID against Designtech Systems Private Limited (DTSPL) and other parties. The FIR accused them of cheating the state government by diverting and siphoning off funds allocated for the Siemens project to unrelated purposes.
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Key Findings of the ED
The ED’s investigation revealed a complex web of financial misconduct involving several key individuals. Vikas Vinayak Khanvelkar, Managing Director of DTSPL, and Soumyadri Sekhar Bose (alias Suman Bose), former Managing Director of Siemens Industry Software India Pvt. Ltd., along with their associates Mukul Chandra Agarwal and Suresh Goyal, allegedly diverted government funds through shell and defunct companies.
Through multi-layered transactions, they siphoned off these funds by generating bogus invoices under the pretense of supplying materials and services. The ED stated, “The services of entry providers were utilized to divert funds, for which commissions were paid.” The investigation identified various movable and immovable properties linked to the accused, including bank balances, shares, and residential properties located in Delhi NCR, Mumbai, and Pune.
Previous Actions and Ongoing Proceedings
Earlier, the ED had attached fixed deposits worth ₹31.20 crore belonging to DTSPL, a move that was confirmed by the Adjudicating Authority under the PMLA. The agency has also arrested Khanvelkar, Bose, Agarwal, and Goyal, filing a prosecution complaint before a Special Court (PMLA) in Visakhapatnam, which has acknowledged the case.
The ED’s actions highlight its commitment to combating financial fraud and corruption in public projects. As investigations continue, the implications of these findings could have far-reaching effects on the individuals involved and the integrity of skill development initiatives in Andhra Pradesh.
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