Overview

• Enforcement Directorate has lodged a prosecution complaint under the Prevention of Money Laundering Act against former IFS officer Akula Kishan and associates for allegedly siphoning ₹23.46 crore from the Andhra Pradesh Women’s Co-operative Finance Corporation.
• The special PMLA court took cognisance of the complaint on August 13, marking the formal initiation of money-laundering proceedings.
• The case originates from a CID Hyderabad FIR alleging that Kishan colluded with private entities between 2005 and 2008 to misappropriate funds through irregular appointments, unauthorised land deals and inflated procurements.
• Investigators contend Kishan arranged ₹15.39 crore in improper loans under the Indiramma Mahila Upadi Pathakam scheme and diverted ₹7.5 crore via secret bank accounts and forged agreements.
• To preserve alleged proceeds, the ED attached immovable properties valued at ₹1.26 crore belonging to Kishan and his co-accused under PMLA provisions.