ED attaches properties worth Rs 23.54 crore in APSSDC Siemens Project case

HYDERABAD: The Directorate of Enforcement (ED), Hyderabad Zonal Office, has attached immovable and movable properties valued at Rs 23.54 crore in connection with a case of alleged misuse of funds in the Andhra Pradesh State Skill Development Corporation (APSSDC) Siemens Project. The project, intended to promote skill development and entrepreneurship, saw funds being diverted and misused.

The investigation was initiated based on an FIR filed by the Andhra Pradesh CID. The case involves M/s Designtech Systems Pvt. Ltd. (DTPSPL) and others accused of siphoning off funds provided by the Andhra Pradesh Government for the Siemens project. The ED alleges that these funds were misused for purposes other than those intended for the project.

According to ED's findings, Vikas Vinayak Khanvelkar, Managing Director of DTPSPL, and Soumyadri Sekhar Bose, also known as Suman Bose (Ex-Managing Director of Siemens Industry Software India Pvt. Ltd.), along with their associates, Mukul Chandra Agarwal and Suresh Goyal, diverted government funds. The accused are said to have employed shell and defunct companies, creating bogus invoices to disguise the diversion under the guise of procuring materials and services. Commissions were paid to entry providers for facilitating these transactions.

As a result of the investigation, various movable properties such as bank balances and shares, as well as immovable assets including residential properties in Delhi NCR, Mumbai, and Pune, have been identified and attached.

Previously, ED had attached fixed deposits worth Rs 31.20 crore belonging to DTPSPL. The adjudicating authority under the Prevention of Money Laundering Act (PMLA) confirmed this attachment. ED also arrested Vikas Khanvelkar, Suman Bose, Mukul Chandra Agarwal, and Suresh Goyal, subsequently filing a prosecution complaint before the Special Court (PMLA) in Visakhapatnam, which has acknowledged the case.

Further investigations are ongoing.