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100 crore bank fraud case.. ED entered the field
ABN , Publish Date – Jun 15, 2024 | 03:13 AM

The Enforcement Directorate (ED) has stepped in the case of diverting a bank loan of Rs.101.48 crore for business expansion. Special teams of ED conducted inspections in Hyderabad, Kurnool and Ghaziabad. Ramakrishna Electronics,

Searches in Hyderabad, Kurnool and Ghaziabad

Hyderabad, June 14 (Andhra Jyothi): The Enforcement Directorate (ED) has stepped into the case of diverting a bank loan of Rs.101.48 crore for business expansion.

Special teams of ED conducted inspections in Hyderabad, Kurnool and Ghaziabad. V. Raghavendra and Ravikumar, directors of Ramakrishna Electronics and Ramakrishna Teletronics Private Limited, took a loan of Rs.101.48 crore from Union Bank of India. In the name of expanding the business of these companies, which are engaged in trading and marketing of cell phones, they took a loan from the bank and diverted it.

Bengaluru CBI officials have registered a case based on the complaint given by the bank officials.

Based on this case, ED has entered the money laundering field. On Friday, ED officials seized important documents related to properties bought by diverting bank loans during inspections conducted simultaneously in different areas.

Rs.1.45 crores in the bank accounts of the directors were frozen. ED officials said that digital evidence and key documents related to the investigation of the case were seized during the searches.

Updated Date – Jun 15, 2024 | 07:49 AM