Hyderabad: The Directorate of Enforcement (ED) has captured Servomax India Director Avasarala Venkateswara Rao on charges of money laundering in the case of Bank Crore Rs 402 loan fraud.
Ed has started a money laundering investigation based on the first CBI (FIR) information report ordered on allegations of conspiracy and forgery In February 2018.
Investigation by Ed revealed that Serovmax India Private Limited (SIPL) has taken loans from the Bank Consortium and Avasarala Venkateswara Rao is a managerial promoter-key, which is responsible for all business operations.
“AV RAO pamper fraud transactions and loans not repaid and the Bank’s consortium experiences non-performing assets (NPA) from RS 402 Crore.
SIPL has circulated the number of loans to various related entities to be eligible for higher loans and have issued a credit letter To the relevant entity without the purchase of real goods and which ultimately caused the loss of Rs 267 Crore to the bank, “Ed was suspected that Ed Investigation Ed had determined that AV Rao pampered itself in the transaction and had been transferred.
Loans for personal benefits.
Ed also found that the defendant used a web of more than 50 entities to route the results of the same crime and layers.
“Rao is not cooperative during the investigation and does not supply its business entity documents in one excusation or another.
After the loan account becomes NPA, he uses the Shell entity itself with his employees as Director of Controlling to start bankruptcy of the company’s process of resolution processes to declare it as a creditor by passing the entry Fake journal.
He even managed to make his own people appointed as Irp for some time, “alleged Ed.
The defendant also managed to maintain the name of the brand ‘servomax’ illegally and even during the process of resolving bankruptcy, he controls the company’s website and divert work orders to related entities.
The defendant was produced before the court and returned in the custody of the judiciary.