Bengaluru court declares businessman Ramachandran Vishwanathan as 'Fugitive Economic Offender'

Bengaluru (Karnataka) [India], June 10 : Bengaluru Special Court has declared Ramachandran Vishwanathan as a Fugitive Economic Offender for allegedly generating huge proceeds through his company, said an official press release.

The matter pertains to the alleged offences committed under the Fugitive Economic Offenders Act, 2018 in the Devas Multimedia Pvt. Ltd. Case.

The case was registered by CBI under various sections of IPC and the Prevention of Corruption Act, 1988 against Viswanathan. Thereafter, an investigation was initiated by the ED under the provision of the Prevention of Money Laundering Act, 2002 (PMLA).

The Provisional Attachment orders worth Rs 82 crore were issued and subsequently Prosecution Complaint was filed by ED against Ramachandran Vishwanathan and others before the Special Court, PMLA Bengaluru for the offence of money laundering.

As per the agency, the total proceeds of crime involved in money laundering were quantified as Rs 579 Crore (approximately).

"Ramachandran Viswanathan was the mastermind behind the whole scheme of fraudulent generation of huge proceeds by his company M/s Devas Multimedia Pvt. Ltd., and then further diverting the same for his personal benefits and thus caused pecuniary gain to himself and other accused persons," the release stated.

Viswanathan is not cooperating with the ongoing proceedings before the competent Special Court under PMLA as well as investigations being conducted by the ED, the agency alleged

The Special Court has also declared Vishwanathan as a Fugitive Economic Offender for the offences under Section 12 of the Fugitive Economic Offenders Act, 2018. The attached properties have also been confiscated by the Bengaluru Court under the same act.

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