The Enforcement Directorate on Wednesday announced that it has provisionally attached assets valued at over ₹50 lakh belonging to former EPFO officer Shyamlal Akhand and his family. The action was taken under the anti-money laundering legislation in connection with a case involving alleged bribery and accumulation of disproportionate assets.
According to a statement from the agency, the provisional attachment order was issued on Tuesday under the Prevention of Money Laundering Act (PMLA).
The ED alleged that during his tenure as an enforcement officer with the Employees’ Provident Fund Organisation (EPFO), Akhand “abused” his official position between 2009 and 2019 to “illicitly accumulate wealth” far exceeding his legitimate sources of income.
Investigation found that he was engaged in “corrupt” practices, including demanding and accepting “bribes”, and utilised the “proceeds of crime” to acquire immovable properties in his name and that of his wife and son, it said.
According to the ED, Akhand explained that income from his salary, rental earnings, agricultural income, and income from his wife’s embroidery and stitching business were the sources of funds.
However, he “failed” to produce any documentary evidence to substantiate the existence or earnings of his wife’s alleged business activities, the probe agency said.
The ED also found “significant” cash deposits in multiple family bank accounts of Akhand.
The attached properties include an agricultural land in the Nalwa village of Ujjain district, held jointly in the name of his wife and son, and a residential plot at Emerald City in Indore district’s Jakhya village that was registered in Akhand’s name, it said.
According to the ED, the value of these assets is ₹50.80 lakh.
The money laundering case against the officer stems from two FIRs filed by the CBI against Akhand — one for accepting a bribe and another for possession of assets disproportionate to his known sources of income.
(With inputs from news agency PTI)