Hyderabad: The Enforcement Directorate (ED) Hyderabad has attached properties worth Rs 51.29 lakh in connection with the misappropriation of funds by the officials of the Hyderabad Cricket Association (HCA).
According to reports, HCA officials gave contracts for the supply of cricket balls, bucket chairs, and gym equipment at inflated prices to Sara Sports, Excellent Enterprises, and Body Drench India. The illegal financial gains from these contracts were funnelled to former vice president and Treasurer of HCA, Surender Agarwal, and his family members, as quid pro quo.
ED investigation revealed that Sara Sports transferred Rs 17 lakh to KB Jewellers, a proprietorship firm owned by Surender Agarwal’s wife, and to the personal bank account of his son, Akshit Agarwal. The funds were layered through multiple bank accounts under the pretext of sponsoring music shows and event management.
Similarly, Excellent Enterprises transferred Rs 21.86 lakh to Akshit Agarwal’s account as a loan and to KB Jewellers under the pretext of purchasing diamonds. Cash withdrawals from the company’s accounts were also traced back to Surender Agarwal as quid pro quo for the supply of bucket chairs at inflated prices.
Body Drench India which supplied gym equipment at inflated prices, transferred Rs 52 lakh directly to the personal bank accounts of Surender Agarwal, his daughter-in-law, and KB Jewellers, again under the pretext of diamond purchases.
The ED found that a total of Rs 90.86 lakh in proceeds of crime were received by Surender Agarwal and his family from the suppliers of cricket balls, bucket chairs, and gym equipment to HCA.
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