Hyderabad: The recent enforcement directorate was arrested by Vuppalapati Hima Bindu, the Implementing Director of the VMC system based on Hyderabad Limited, in connection with the case of a loan fraud of the RS 1,700-Crore Punjab National Bank (PNB).
Ed ordered Hima Binda and two other directors of the VMC system to deceive PNB under the prevention of money laundering laws.
ED officials said: “We have established money laundering with proof during the investigation.
However, the Company Director did not work together and refused to submit documents relating to the company.” “We have arrested Hima Bindu and are looking for two other directors,” said officials.
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Two directors of the company – Vuppalapati Venkat Rama Rao and Bhagavatula Venkat Ramana – have filed an anticipatory guarantee, while Hima Bindu will be produced in court.
VMC Systems is a telecommunications equipment manufacturing company.
Hima Bindu’s arrest came three years after the CBI submitted a case.
In September 2018, the CBI registered fir against the company and Hima Bindu, Rama Rao and Ramana and accused him of conspiracy of criminals, cheating and forgery.
The VMC system owes Rs 539 Crore contributions to PNB and 1,207 Crore Rs to Corporation Bank, State Bank of India, Andhra Bank and JM Financial Assets Reconstruction Company.
In his complaint, PNB accused the VMC system failed to pay 1,700 crore Rs payments to the Bank’s consortium.
The VMC system was included in February 1997 with the official stock capital of Rs 65 Crore and paid-up capital of Rs 50 Crore.
In 2018, when the CBI posted FIR, the company claimed that he had been waiting for RS 262 Crore contributions from the BNSL, but it was found that the contribution was only Rs 33 Crore.
The company has shown accounts receivable from other private companies, but they are found wrong when bankers are verified.
The total loss for the consortium of the public sector bank according to current contributions is outstanding estimated at RS 3,316 Crore.
Forensic Audit has revealed that VMC circulates loans to various related entities to expand their books.
The audit also revealed that the PISL, related entity, was given a 3% commission by VM for all receipts from BSNL, without a PISL having a specific role in the Telcom tender managed by the government.
It was also found that VMC has opened various credit letters (LCS) worth Rs 692 Crore on behalf of a fake entity / dummy, which was then charged.
V Hima Binda, through its company VMC, and with the help of actively from her brother V Satish, MD PISL, creates income / excessive operating income by producing a fake sales / purchase invoice through the company controlled by the directors / members of their family to avoid banks .
V Hima Bindu suck on the results of the crime by sending it to the foreign entity which is controlled by family members.
Previously, on July 20, the search was conducted by Ed in Hima Binda housing venue, V Satish and V Madhavi and a large number of burdensome documents and digital data in the form of 40 external hard discs, six laptops and two laptops recovered.
The main allegations did not respond to edges ed, did not supply company documents and their transactions on one or other pretusions, and openly lying about foreign transactions.
HYD MD-based companies held in RS 1,700 Crore fraud cases
