Hyderabad: Sleuths of Enforcement Directorate, have filed a prosecution complaint against Hyderabad based businessman Lingala Srinivas Goud, under the Prevention of Money Laundering Act, in a bank loan fraud case. The prosecution compliant has been filed before the court with a plea to award punishment to the accused.
ED Initiated investigation, based on the case filed by Central Crime Station- Hyderabad under section 420, 468 & 471 of Indian Penal code against L Srinivas Goud. Investigation found that the accuse fraudulently obtained bank loans in three trenches from the Federal Bank, Hyderabad by submitting forged/fabricated documents and diverted the loan amount thus, generating proceeds of crime to an extent of Rs 44.80 lakh.
The accused siphoned off loan amount and diverted into his liquor business firm Mallika Inn Restaurant and Bar. “Due to the ill-management the firm ran into losses and was closed. All the money invested were exhausted, after completion of investigation it was found that the accused Srinivas Goud committed the offence of money laundering, prosecution complaint under PMLA has been filed through online means before the court” said an officials statement from ED.
#JUSTIN: Sleuths of Enforcement Directorate have filed a prosecution Complaint against Hyderabad based business man Lingala Srinivas Goud. He accused of siphoning off loan amount and diverting it into liquor business firm, namely Mallika Inn Restaurant and Bar.
— NewsMeter (@NewsMeter_In) May 21, 2020