ED Attaches Rs 51.29 Lakh Assets From HCA Officials

The Enforcement Directorate (ED) in Hyderabad today attached properties worth Rs 51.29 lakh in connection with the misappropriation of funds by office-bearers of the Hyderabad Cricket Association (HCA).

As per reports, some HCA officials awarded contracts for the supply of cricket balls, bucket chairs and gym equipment to Messrs Sara Sports, Messrs Excellent Enterprises and Messrs Body Drench India Pvt Ltd, respectively, at highly inflated prices.

The illicit financial gains received by these suppliers were transferred to Surender Agarwal, the former Vice President and Treasurer of HCA, and his family members as quid pro quo.

The ED investigation revealed that, as part of this quid pro quo arrangement, Sara Sports transferred Rs 17 lakh to Messrs K B Jewellers, a proprietorship firm owned by Surender Agarwal's wife, and to the personal bank account of his son, Akshit Agarwal. These transactions were layered through multiple bank accounts under the pretext of sponsoring music shows, events and other activities.

Excellent Enterprises transferred Rs 21.86 lakh - proceeds of crime (POC) - to Akshit Agarwal's personal bank account under the guise of a loan, and to K B Jewellers under the pretext of purchasing diamonds.

The investigation also revealed that cash withdrawals from the accounts of Excellent Enterprises were funnelled to Surender Agarwal as quid pro quo for supplying bucket chairs at exorbitant prices.

Using the same modus operandi, Body Drench India Pvt Ltd had transferred Rs 52 lakh in POC directly to the personal bank accounts of Surender Agarwal, his daughter-in-law, and K B Jewellers under the pretext of purchasing diamonds.

The ED found that a total of Rs 90.86 lakh in POC were received by Surender Agarwal and his family members as illegal pecuniary gains from the aforementioned suppliers of cricket balls, bucket chairs and gym equipment to the HCA.