Hyderabad: The enforcement directorate on Thursday arrested a limited VMC system director in connection with the case of the National Bank Loan Fraud Punjab RS 1,700.
The defendant, identified as Vuppalapati Hima Bindu, will be produced in court.
Ed ordered three VMC system directors under the prevention of money laundering Law (PMLA) to cheat the bank.
VMC Systems is a telecommunications equipment manufacturing company based in Hyderabad.
Initially, FIR Bureau Investigation (CBI) was named Director of VMC System Vuppalapati Hima Bindu, Vuppalapati Venkat Rama Rao and Bhagavatula Venkat Ramana.
The CBI accused them of criminal conspiracy, cheating and forgery.
Ed official said, “We have established money laundering with evidence in the investigation.
The company’s directors did not work together.
They refused to submit documents related to the company.
We arrested Hima Bindu and we were looking for two other directors.” The company has contributions.
Incredible Rs 539 Crore to PNB and owed Rs 1,207 Crore to Bank Corporation, Bank State of India, Andhra Bank and JM.
The VMC system was included in February 1997 with the official stock capital of RS 65 Crore and the paid-up capital of Rs 50 Crore.
The two company directors have filed anticipatory guarantees while ED efforts will arrest them.
In 2018 when the CBI had booked FIR, the company claimed that he was waiting for RS 262 Crore contributions from the BNSL, but it was found that only Rs 33 contributions crore.
The company has confirmed the receivables from other private companies, but it turned out that it was wrong when bankers were verified.
RS 1,700 Crore PNB Loan Fraud: Accused of being arrested in HYD
