ED arrests director of Gujarat-based media company in money-laundering case
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P.V.S. Sarma has been accused of laundering the proceeds generated out of prison offences by means of the company.
The Enforcement Directorate has arrested P.V.S. Sarma, director of Sanket Media Private Limited, in reference to a money-laundering case. The company has obtained his custody until December 2.
Sanket Media prints and publishes the newspaper Satyam Times, which has each Gujarati and English editions. Mr. Sarma has been accused of laundering the proceeds generated out of prison offences by means of the company.
“Following the arrest, Mr. Sarma was produced before a Special Court in Ahmedabad, which granted his custody to the ED till December 2,” stated an official.
The ED initiated the money-laundering probe on the premise of an FIR registered by the Surat police beneath numerous provisions of the Indian Penal Code, pursuant to the findings of the Income-Tax Department towards Mr. Sarma and his company.
The ED, in a press release on Friday, stated circulations of the English and Gujarati editions of the newspaper have been proven as 23,500 and 6,000-6,300 copies each day, however the precise figures have been solely round 300-600 and 0-290, respectively.
“Inflated figures of circulation were shown so as to attract more advertising agencies, including the Directorate of Advertisement and Visual Publicity and other private advertising companies, to publish their advertisements in the said newspaper,” stated the ED.
Mr. Sarma, by means of Sanket Media, indulged in conspiracy and cheated the federal government and personal promoting firms and by doing so, obtained ₹2.70 crore, it’s alleged.
For this function, bogus buy of uncooked supplies was proven by making false entries in the books of accounts from non-existent firms and by creating faux paperwork, stated the company.
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