Metro India News | Hyderabad 

The Enforcement Directorate (ED), Hyderabad has attached properties worth Rs 51.29 Lakh in the case of misappropriation of funds of Hyderabad Cricket Association (HCA) by its office bearers.

According to the reports, office bearers of HCA gave contracts for supply of cricket balls, bucket chairs and gym equipment to Sara Sports, Excellent Enterprises and Body Drench India Private Limited respectively at highly inflated prices. The illicit financial gains received by the suppliers were transferred to Surender Agarwal (Ex-Vice President and Treasurer of HCA) and his family members as quid pro quo.

ED investigation revealed that as quid pro quo, Sara Sports transferred Rs 17 Lakh to KB Jewellers, a proprietorship firm of Surender Agarwal’s wife as well in the personal bank account of Surender Agarwal’s son, Akshit Agarwal by layering the same through the bank accounts of several entities on the pretext of sponsoring a music show and event management.  

Similarly, Excellent Enterprises transferred POC amounting to Rs 21.86 Lakh to the personal bank account of Surender Agarwal’s son Akshit Agarwal on the pretext of loan as well as to KB Jewellers on the pretext of purchase of diamonds.

Cash withdrawals of POC from the bank accounts of Excellent Enterprises was also revealed to have been transferred to Surender Agarwal as quid pro quo for supply of bucket chairs at exorbitant prices. By using the same modus operandi, Body Drench India Private Limited, supplier of gym equipment at highly inflated prices, transferred POC of Rs 52 Lakh directly to the personal bank accounts of Surender Agarwal and his daughter-in-law as well to KB Jewellers on the pretext of purchase of diamonds.

Thus, ED investigation revealed that POC totaling to Rs 90.86 Lakh were received by Surender Agarwal and his family members as illegal pecuniary gain from the suppliers of cricket balls, bucket chairs and gym equipment to HCA.