ED files case against former administrative officer of insurance firm

BENGALURU: Enforcement Directorate (ED) has filed a case against T Pradeep, former administrative officer of Oriental Insurance Company Limited (OICL) in Dharwad under the provisions of Prevention of Money Laundering Act, 2002 (PMLA).
According to the ED, T Pradeep had allegedly acquired the proceeds of crime by misusing his authority in OICL and had fraudulently transferred the company’s fund to third party beneficiaries and layered the proceeds of crime in the form of movable property worth Rs 1.39 lakh.
The ED initiated money laundering investigation based on an FIR registered by CBI, ACB, Bengaluru on 2014 and subsequently charge-sheet was filed against T Pradeep in 2015.
Investigations revealed that T Pradeep had committed fraud by misappropriating the amount to the extent of Rs 5.03 crore by transferring from company’s account to third parties between 2013 and 2014. All the third party beneficiaries are fictitious and most of the amount transferred has been withdrawn in cash from different ATMs across India.
On the basis of investigation conducted by the ED, it has been revealed that T Pradeep has committed offence under Section 3 of PMLA and punishable under Section 4 of PMLA. Accordingly, prosecution complaint has been filed before a special court for PMLA in Mangaluru.