Kisan Credit Card loan fraud: ED seizes Rs 2.22 crore assets in Vizag case
DVK Kumar utilised Rs 4.57 crore out of the Rs 5.50 crore KCC Fish Tank loan sanctioned
By Newsmeter Network
Representational Image
Hyderabad: The Directorate of Enforcement (ED), Visakhapatnam Sub-Zonal Office, has provisionally attached assets in a case of cheating of Canara Bank, Kancharapalem branch, by taking fraudulent Kisan Credit Card (KCC) Fish Tank loans.
The immovable assets having a value of Rs 2.20 crore and movable properties valued at Rs 1.36 lakh (totalling Rs 2.22 crore) have been attached under the Prevention of Money Laundering Act (PMLA), 2002.
Borrowers’ names falsely used
The attached properties are in the name of Dodla Venkata Krishna Kumar and his wife Dodla Suneetha in the form of residential flat, plots and bank balances as he had utilised the KCC Fish Tank loan amount, which was availed by the borrowers, namely Devasani Nirmala, Adari Chandrakala and Kovvuri Srinivas from Canara Bank, for his personal/business use.
The ED initiated an investigation based on the FIR registered by CID, headquarters PS, Mangalagiri, AP, under various sections of IPC, 1860, against Devasani Nirmala, Adari Chandrakala, Kovvuri Srinivas, DVK Kumar and others.
The FIR and chargesheet alleged that Kovvuri Srinivas and Adari Chandrakala obtained Kisan Credit Card (fish) loans to the tune of Rs 80 Lakh and Rs 2.50 crore, respectively, by submitting fake lease agreements and passbooks; that Devasani Nirmala also availed a Kisan Credit Card (fish) loan to the tune of Rs 2.20 crore and defaulted on repayment of the said loans.
Rs 4.57 crore out of the Rs 5.50 crore loan used by DVK Kumar
The ED investigation revealed that DVK Kumar utilised Rs 4.57 crore out of the Rs 5.50 crore KCC Fish Tank loan sanctioned to the said three borrowers and was the ultimate beneficiary.
The sanctioned KCC loan amounts were withdrawn in cash, diverted from the borrowers' accounts to the accounts of friends/relatives of DVK Kumar, and the same was utilised by DVK Kumar for his personal/business use.
A part of the Proceeds of Crime was utilised by DVK Kumar for the acquisition of immovable properties in the name of his wife, Dodla Suneetha.
Further investigation is in progress.
