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Hyderabad: The Enforcement Directorate’s (ED) zonal office here has filed a Prosecution Complaint (PC) before the Special Court (PMLA), Hyderabad, against M/s Som Phytopharma (India) Limited and its managing director Devanur Ramaswamy Iyengar Venkatesh under the provisions of Prevention of Money Laundering Act (PMLA), 2002.
The Court took cognizance of the PC on Friday, September 13. ED officials initiated their investigation against Som Phytopharma (India) Limited based on a complaint filed by the Telangana State Pollution Control Board (TSPCB) before Court of Judicial First Class Magistrate, Sangareddy.
As per the said complaint, SOM Phytopharma (India) Ltd. violated the mandatory guidelines of TSPCB laid down for disposal of liquid effluents generated during production of Bio-fertilizers/Bio-pesticides and violated rules under the Water (Prevention and Control of Pollution) Act, 1988 and Air (Prevention and Control of Pollution) Act, 1987.
The ED investigation revealed that as per the TSPCB guidelines, Som Phytopharma (India) Ltd. was supposed to establish pre-treatment plant for treating the effluents before sending to Common Effluent Treatment Plant.
However, the company failed to do so and was carrying on its business without the requisite pretreatment facilities. The violation endangered nature causing water and air pollution resulting in passing of a closure order by the TSPCB against the company. Investigation revealed that by committing the offences, the company derived Proceeds of Crime (POC) which was later used by it in its business activities.
The ED had earlier provisionally attached assets of Som Phytopharma (India) Limited during investigation and the attachment was subsequently confirmed by the Ld. Adjudicating Authority (PMLA).
This post was last modified on September 13, 2024 10:05 pm