

The ED on Thursday mentioned it has attached assets value Rs 100 crore of a “recurring offender”, who took new financial loans to repay outdated kinds, and is currently being probed for revenue laundering connected to alleged fraud in opposition to an IDBI branch in Andhra Pradesh.


Agricultural lands, fish ponds, industrial sites, plots and flats of Rebba Satyanarayana situated in Andhra Pradesh and Telangana have been provisionally attached less than the Avoidance of Cash Laundering Act (PMLA), the Enforcement Directorate (ED) reported in a statement.


Satyanarayana and his household associates are accused of “fraudulently availing KCC (Kisan Credit score Card Plan) fish tank financial loans in the names of 143 benami debtors from IDBI Bank, Rajahmundry branch, to the tune of Rs 112.41 crore”.


He was to start with booked for these costs by the Central Bureau of Investigation (CBI) next which the ED took cognisance of the circumstance.


The ED reported Satyanarayana “was the aggregator and close beneficiary of all the KCC loans sanctioned to the debtors and he conspired with the officers of the IDBI Lender and other folks to avail financial loans in the identify of his loved ones users, relatives and acquaintances.”
These financial loans, the federal investigation agency said, ended up to start with transferred to the borrowers’ savings accounts — opened by Satyanarayana — and afterwards, most of the mentioned loan quantity was withdrawn in dollars.


The money was handed above to the accused, which Satynarayana utilised for a variety of functions like “compensation” of before financial loans availed by entities in his, relatives and benami names, but managed by him, it stated.


The ED claimed the accused also utilized the personal loan funds to allegedly acquire attributes in his identify, in the identify of his family members as effectively as in benami names and made investments in his export-import businesses.


The agency alleged that homes procured by Satyanarayana by these suggests “ended up again employed to home loan for obtaining other financial loans in their other business entities.”








“He is a recurring offender who is using cyclical loans to repay old financial loans and divert portions of the sanctioned loans to operate his many benami ventures,” the ED explained.

It was located that Satyanarayana “incorporated a foreign entity in New Jersey, United states of america, and exported sea food items and cultured prawns worth above USD 24,00,000 from his domestic entity to the said foreign entity, which is pending for export realisation.


“This non-realisation of the export is also suspected,” it claimed.
(Only the headline and image of this report may well have been reworked by the Business enterprise Normal workers the rest of the content is vehicle-created from a syndicated feed.)

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