ED files prosecution complaint against Venus Aqua Foods, its directors in Rs. 54.64 cr bank fraud
The ED initiated a money-laundering investigation on the basis of an FIR registered by CBI's Bank Security and Frauds Cell (BS&FC), Bangalore, under various sections of the IPC and the Prevention of Corruption Act 1988.
By Newsmeter Network Published on 11 May 2022 3:52 AM GMT
Visakhapatnam: The Directorate of Enforcement (ED) has filed a prosecution complaint against Venus Aqua Foods Limited, its managing director Nimmagadda Ramakrishna, S. Ramchander Rao (the then chief manager of Andhra Bank), and others under the Prevention of Money Laundering Act (PMLA) 2002 in a case related to a multi-crore bank fraud. The special PMLA court in Visakhapatnam has taken cognizance of the prosecution complaint.
The ED initiated a money-laundering investigation on the basis of an FIR registered by CBI's Bank Security and Frauds Cell (BS&FC), Bangalore, under various sections of the IPC and the Prevention of Corruption Act 1988.
The investigation revealed that Venus Aqua Foods Limited and its directors and their family members and relatives have availed loans for pisciculture and agriculture cash credit loans (AGLCC) from Andhra Bank in connivance with the chief manager of the bank. However, they did not utilise the loan for the intended purpose. The investigation also revealed that loans were withdrawn in cash and diverted to repay old loans and purchase immovable properties in the name of the directors and their family members. The money was even diverted to produce the Tollywood movie 'Aakashame Haddu'. The bank suffered a loss of Rs. 54.64 crore (including interest).
The ED had earlier attached the properties of Nimmagadda Ramakrishna and others to the tune of Rs. 13.75 crore
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