Hyderabad court convicts man for money laundering

A special PMLA court has convicted a Hyderabad-based businessman under the anti-money laundering law and sentenced him to five years of rigorous imprisonment.

L Srinivas Goud was found guilty of the offence of money laundering under section 3, read with section 4, of the Prevention of Money Laundering Act (PMLA) by the special court located at Hyderabad’s Nampally on Monday, the Enforcement Directorate (ED) said in a statement.

The court also imposed a fine of Rs 25,000 each on him and his firm -- Mallika Inn Bar and Restaurant.

The ED had chargesheeted Goud for “fraudulently” availing a bank loan by forging documents and impersonation, causing a loss of Rs 44.8 lakh to the lender, the federal probe agency said.