The Enforcement Directorate (ED) has taken decisive action in connection with a significant financial scandal involving the Hyderabad Cricket Association (HCA) by provisionally attaching immovable property worth ₹1.29 crore. This move follows a thorough investigation into allegations of misappropriation of funds related to the construction of the Rajiv Gandhi International Cricket Stadium in Uppal, Hyderabad.
Under the Prevention of Money Laundering Act (PMLA) of 2002, the ED’s investigations have highlighted a series of financial irregularities involving former office bearers of the HCA. The probe was initiated based on multiple complaints lodged by HCA officials against their colleagues regarding the alleged mismanagement of funds allocated for the stadium’s construction and related projects.
According to the ED, the investigation has uncovered fraudulent contracts awarded at inflated prices for various supplies, including cricket balls, gym equipment, and bucket chairs. Allegations suggest that kickbacks were funneled to Surender Agarwal, the former vice-president and treasurer of the HCA, alongside his family members.
Also Read: SRH vs GT: TSRTC Deploys 60 Special Buses for IPL Match at RGIC Stadium
The contracts in question were awarded to three suppliers: M/s Sara Sports, M/s Excellent Enterprises, and M/s Body Drench India Pvt. Ltd. All three entities are alleged to have transferred illicit financial gains, classified as Proceeds of Crime (POC), directly to Agarwal and his relatives. Notably, M/s Sara Sports transferred ₹17 lakh to M/s KB Jewellers—owned by Agarwal’s wife—and to the personal account of his son, Akshit Agarwal.
The transactions were obscured through numerous bank accounts under the guise of sponsoring music events and offering event management services. M/s Excellent Enterprises further funneled ₹21.86 lakh into Akshit Agarwal’s bank account, misrepresented as a loan, and made payments for diamond purchases at M/s NS Jewellers. Additional cash withdrawals have been tied to Surender Agarwal as kickbacks for overpriced bucket chair supplies.
M/s Body Drench India Pvt. Ltd., which provided gym equipment at inflated rates, allegedly transferred ₹52 lakh directly to the personal accounts of Surender Agarwal and his daughter-in-law, with funds disguised as payments for diamond purchases.
The total amount of misappropriated funds traced by the ED currently stands at ₹90.86 lakh, which was reportedly received as illegal financial gains by Agarwal and his family. The investigation is ongoing as officials work to uncover further financial trails and identify additional beneficiaries involved in the scam.
As the ED intensifies its efforts to investigate this significant case of financial misconduct in the sports sector, the implications for the HCA and its former leadership could be profound, potentially leading to further legal consequences as more evidence comes to light.
(This story is sourced from a third-party syndicated feed. Raavi Media takes no responsibility or liability of any nature. Raavi Media management/ythisnews.com can alter or delete the content without notice for any reason.)
