ACB probe: Kontham Srinivasulu amassed assets 500% beyond known income
HYDERABAD: The Anti-Corruption Bureau (ACB), delving deep into the Disproportionate Assets (DA) case of Kontham Srinivasulu, alleged that he amassed illicit assets over 500% above his known sources of income. Most importantly, Investigators are now grilling witnesses and meticulously tallying the value of properties linked to the accused officer and his family.
Earlier, the ACB registered a Disproportionate aAssets (DA) case against Kontham Srinivasulu, Assistant Director, Survey, Settlement & Land Records, Ranga Reddy District. Investigators alleged he amassed assets disproportionate to his income through criminal misconduct, bribery, and abuse of official position under the Prevention of Corruption Act.
Srinivasulu allegedly acquired tainted assets worth Rs. 4.44 crore in his name and in the names of his dependent family members.
According to the ACB, the combined income of Srinivasulu and his wife was Rs. 5.13 crore. His estimated expenditure was Rs. 4.48 crore, and his likely savings were Rs. 64.11 lakh. Investigators said he could not satisfactorily account for assets worth Rs. 3.8 crore, calling them unexplained wealth or assets acquired through corrupt means.
At the time of his arrest, the ACB stated it had searched his house and six other properties belonging to his relatives, friends, benamis (proxy owners), and associates. During the searches, officials seized incriminating documents, title deeds, and evidence of benami transactions, including a flat at My Home Bhooja (Raidurgam), a food processing unit/rice mill in Narayanpet District, 11 acres of agricultural land in Karnataka, 11 acres in Anantapur, four plots in Mahabubnagar, and three plots in Narayanpet District. They also seized Rs. 5 lakh in cash, gold ornaments weighing about 1.6 kg, silver articles weighing about 770 grams, a Kia Seltos Hycross, and an Innova car. The actual market value of these assets may be much higher than the documented value.
Currently, investigators are recording witness statements and conducting property valuation of assets held by the accused officer and his dependent family members. Moreover Srinivasulu remains out on bail.
