Ramachandran Vishwanathan declared fugitive economic offender

Sowmya R | NT

Bengaluru: According to an official press release, Ramachandran Vishwanathan (in pic) has been declared a fugitive economic offender by the Bengaluru Special Court. The declaration is based on allegations that he generated substantial profits through his company.

The case in question pertains to offenses committed under the Fugitive Economic Offenders Act, 2018, specifically related to the Devas Multimedia Pvt Ltd Case. Initially, the Central Bureau of Investigation (CBI) registered the case against Vishwanathan under various sections of the Indian Penal Code (IPC) and the Prevention of Corruption Act, 1988.

Following this, the Enforcement Directorate initiated an investigation under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA). As part of the investigation, the ED issued Provisional Attachment orders totalling Rs 82 crores and subsequently filed a Prosecution Complaint against Ramachandran Vishwanathan and others before the Special Court, PMLA Bengaluru, for the offence of money laundering. The agency estimates that the total amount involved in the money laundering scheme is approximately Rs 579 crore.

The press release stated that Ramachandran Viswanathan was the mastermind behind the fraudulent generation of significant proceeds through his company, M/s Devas Multimedia Pvt. Ltd. He allegedly diverted these proceeds for personal gain, causing financial benefit to himself and other accused individuals.

According to the agency, Vishwanathan is not cooperating with the ongoing proceedings before the Special Court under PMLA, as well as the investigations being conducted by the ED. Furthermore, the Special Court has declared Vishwanathan a Fugitive Economic Offender under Section 12 of the Fugitive Economic Offenders Act, 2018. The court has also confiscated the attached properties under the same act.