Hyderabad: The Directorate of Enforcement has temporarily attached assets worth RS 100 Crore accused of the IDBI bank loan fraud.
The accuser cheatedly took advantage of the credit tank loan of the Credit (KCC) to Rs 112 Crore on behalf of 143 Benam Borrowers from the IDBI Bank, Rajahmundry.
The attached traits are farm land, fish ponds, commercial sites, plots and flats in Andhra Pradesh and Telangana.
Ed initiated a money laundering investigation based on FIR registered by CBI Visakhapatnam against defendant Reba Satyanarayana and others.
Ed said Satyanarayana was an aggregator and the final beneficiary of the KCC loan approved to the borrower and that he conspired with IDBI Bank officials.
“He utilizes a loan on behalf of family members, relatives, and acquaintances with a total of Rs 112 Crore.
The number of KCC loans is transferred to the borracious savings account (opened by Satyanarayana with their name).
Then, it was pulled and handed over as cash,” said Ed.
The defendant was bought by the property with his name and relatives and appearance.
He also invested in other export-import businesses.
“Investigation under PMLA has revealed that the property purchased by Satyanarayana is used for mortgages to get other loans in their other business entities,” said Ed.
Ed accused that Satyanarayana took a cycle loan to pay old loans and divert the agreed loan portions to run various businesses.