ED investigates misuse of Hyderabad Cricket Association funds, attaches Rs. 51.29L assets
Hyderabad: The Directorate of Enforcement (ED), Hyderabad Zonal Office, has provisionally attached immovable property worth Rs. 51.29 lakh in connection with the misappropriation of funds by the office bearers of the Hyderabad Cricket Association (HCA). The action, taken on March 18, 2025, is part of an ongoing investigation under the Prevention of Money Laundering Act (PMLA), 2002.
The investigation began following multiple FIRs filed by HCA against its office bearers over the misappropriation of funds allocated for the construction of the Rajiv Gandhi International Cricket Stadium in Uppal, Hyderabad. The probe also covers funds misused for the procurement of cricket balls, gym equipment, and bucket chairs.
According to ED officials, the HCA office bearers awarded contracts for the supply of these items at highly inflated prices. Suppliers Sara Sports, Excellent Enterprises, and Body Drench India Pvt. Ltd. were allegedly involved in the scheme. The illicit financial gains from these inflated transactions were transferred to Surender Agarwal, the former Vice President and Treasurer of HCA, and his family members as quid pro quo.
The ED’s investigation found that Sara Sports transferred Rs. 17 lakh to KB Jewellers, a business owned by Surender Agarwal’s wife, and to the personal bank account of his son, Akshit Agarwal. The money was moved under the guise of sponsorships and event management payments. Similarly, Excellent Enterprises transferred Rs. 21.86 lakh to Akshit Agarwal’s bank account, as well as to KB Jewellers under the pretext of a diamond purchase and loan transactions. Cash withdrawals from Excellent Enterprises were also linked to transfers to Surender Agarwal as part of the quid pro quo arrangement for the supply of bucket chairs at inflated prices.
In addition, Body Drench India Pvt. Ltd. transferred Rs. 52 lakh to Surender Agarwal and his family members, including his daughter-in-law, through personal bank accounts and KB Jewellers, disguised as payments for diamond purchases.
However, the ED investigation revealed that Surender Agarwal and his family received illegal financial gains amounting to Rs. 90.86 lakh. The investigation is still ongoing.
ED Attaches ₹51.29 Lakh in HCA Fund Misappropriation Case
The Enforcement Directorate (ED), Hyderabad Zonal Office, has provisionally attached immovable property worth ₹51.29 lakh under PMLA, 2002, in the Hyderabad Cricket Association (HCA) fund misappropriation case. ED’s… pic.twitter.com/2JbjewuQjg
— Hyderabad Mail (@Hyderabad_Mail) March 19, 2025
