Former IAF Squadron Leader Convicted for Disproportionate Assets, Money Laundering Allegations

Former IAF Squadron Leader Convicted for Disproportionate Assets, Money Laundering Allegations

VoM News Desk | December 25, 2023 | 06:58 PM IST | Breaking News, Crime, India, Security | Follow on Google News

Former IAF Squadron Leader Convicted for Disproportionate Assets, Money Laundering Allegations

Former IAF Squadron Leader Convicted for Disproportionate Assets, Money Laundering Allegations

A special court has found former Indian Air Force Squadron Leader Polu Sreedhar guilty of accumulating assets valued at Rs 40.36 lakh, allegedly in connection with a land deal and transferring funds for a former Congress MP.

Despite Sreedhar’s health issues, the court did not grant him relief, convicting him on charges of unaccounted assets, officials reported on Monday.

The case originated from a Central Bureau of Investigation (CBI) First Information Report (FIR) alleging that between January 2007 and December 2010, significant deposits totaling Rs 11.9 crore were made into Sreedhar’s three Axis Bank accounts.

These funds purportedly belonged to former Congress MP Balashowry Vallabbhaneni and were intended for a land transaction valued at Rs 12.5 crore.

Subsequently, the CBI initiated legal proceedings against Sreedhar, Balashowry, and bank manager Manish Saxena. However, upon filing a charge sheet six years later, the agency proceeded solely against Sreedhar due to insufficient evidence against Vallabbhaneni and Saxena.

The charge sheet reduced the amount of illicit assets to Rs 40 lakh, citing that the former MP had independently purchased land using Sreedhar’s accounts.

During the trial, Sreedhar contended that his earnings from share trading, mutual funds, and land deals were not considered by the CBI. Nevertheless, the Special Judge, Ashwani Kumar, determined that Sreedhar failed to substantiate his claim regarding the source of the funds or disclose this unaccounted money to his employer or the Income Tax Department.

The court opined that the prosecution convincingly established Sreedhar’s possession of unexplained wealth totaling Rs 40 lakh, emphasizing his obligation, as a public servant, to declare assets and income in accordance with service regulations.

Moreover, the court dismissed the argument that the investigation didn’t probe the source of the money entering Sreedhar’s accounts as insufficient to absolve him of responsibility under the Prevention of Corruption Act.

It underscored that health issues alone cannot serve as grounds for acquittal.

The sentencing hearing for Sreedhar is scheduled to commence on January 2 next year.

VoM News Desk

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