ED attaches 21 immovable assets in bank fraud case
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They are situated in West Godavari district of Andhra Pradesh.
The Enforcement Directorate (ED) has hooked up 21 immovable properties in reference to a bank fraud case involving PBR Poultry Tech and others.
The properties price ₹7.57 crore on paper had been held in the identify of accused Polepalli Venkata (*21*) and his relations. The attachment order additionally contains deposits of ₹50 lakh with the Meliora Asset Reconstruction Company.
The hooked up immovable assets are situated in West Godavari district of Andhra Pradesh.
The ED initiated the cash laundering probe based mostly on an FIR registered by the CBI towards Mr. Prasad, then managing associate of PBR Poultry Tech, and different companions. It is alleged that they cheated Indian Overseas Bank of ₹ 7.34 crore.
PBR Poultry Tech had taken a time period mortgage of ₹5.60 crore from the bank by grossly inflating the worth of the mortgaged properties in collusion with panel advocates, as alleged.
The ED alleges that Mr. Prasad additionally bought ₹1.74 crore in Credit Guarantee Fund Trust for Micro & Small Enterprises loans, in the identify of his associates.
The mortgage quantities had been diverted by the accused individuals and never repaid to the bank.
When the accused couldn’t get extra mortgage, they arrange one other shell entity, PBR Agritech Private Limited, for the aim. They secured a time period mortgage of ₹6.73 crore and money credit score of ₹3.2 crore in the shell firm’s identify from Andhra Bank.
Value of assets once more inflated
According to the ED, the worth of the mortgaged assets had been once more inflated.
“These loans were taken on the pretext of construction of a poultry shed, but instead the money was siphoned off and diverted to the main accused, who used it to introduce share capital and machinery in PBR Poultry Tech”, mentioned an official.
The Andhra Bank mortgage has additionally turn out to be a non-performing asset.
The accused try to make use of the hid proceeds of crime to purchase again their mortgaged properties at decrease charges by doing personal offers with the asset reconstruction agency, mentioned the ED.
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