ED attaches fixed deposits worth Rs 90 lakh in the name of Sree Venkateshwara Industries

Cyberabad (Hyderabad) [India], February 7 : The Directorate of Enforcement (ED) attached fixed deposits worth Rs 90 lakhs in the name of Sree Venkateshwara Industries on Wednesday.
ED filed a Prosecution Complaint (PC) under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 against Sree Venkateswara Industries and its Partners before the Metropolitan Sessions Judge-Cum-Special Court, Cyberabad, on December 13, 2023. The Court took cognizance of the PC on Monday.
ED initiated the PMLA investigation based on a complaint filed by the Telangana State Pollution Control Board (TSPCB) in the Court of Metropolitan Magistrate, Cyberabad at Medchal, Telangana. As per the said complaint, Sree Venkateswara Industries was disposing of hazardous waste material without proper treatment in violation of the prescribed rules and regulations which were stipulated by the TSPCB under various sections of the Water (Prevention and Control of Pollution) Act 1974 and Air (Prevention and Control of Pollution) Act.
ED investigation revealed that Sree Venkateswara Industries and its partners did not comply with the statutory requirement of treatment of hazardous waste generated in their premises and did not send the same to the Treatment, Storage and Disposal Facility of Hyderabad Waste Management Project.
Instead, the firm disposed of the hazardous waste by giving it to brick manufacturers. The investigation also revealed that by committing the said offence, the firm and its partners generated proceeds of crime amounting to Rs. 90 lakhs.