Loan fraud case: ED attaches ₹35.05 Cr property of Hyderabad-based BNR Infra, Elite Infra

Hyderabad: The Directorate of Enforcement (ED), Hyderabad, has provisionally attached two immovable properties worth ₹35.05 crore of BNR Infra & Leasing, Elite Infra Projects, and their promoters in a bank loan fraud and money laundering case.

The action was taken under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The attached assets include a land parcel and a residential flat belonging to Beereddy Narasimha Reddy and Anil Beniprasad Aggarwal.

Fraudulent bank loans under scanner

The ED initiated its investigation based on two FIRs registered by the Central Bureau of Investigation (CBI) — the Economic Offences Wing (EOW) in Chennai and the Anti-Corruption Bureau (ACB) in Hyderabad — under various sections of the Indian Penal Code and the Prevention of Corruption Act, 1988.

According to officials, the accused firms fraudulently obtained credit facilities from the State Bank of India and the Bank of Maharashtra by submitting forged documents, misrepresenting ownership of collateral properties, and concealing critical information related to disputed land titles.

The alleged fraud caused a wrongful loss of approximately ₹8.20 crore to the State Bank of India and ₹26.86 crore to the Bank of Maharashtra.

Forged land documents used as collateral

The ED investigation revealed that the promoters and directors of the companies conspired with associates to secure bank loans by mortgaging properties that either had disputed titles or were agricultural lands falsely projected as non-agricultural.

Officials said the accused submitted forged documents such as fake land conversion certificates and fabricated declarations about ownership and encumbrances to mislead the banks and obtain credit facilities.

Fake construction agreement for bank guarantee

Investigators also found that the accused created a fabricated construction agreement with Comfort Securities Ltd., represented by its Director Anil Beniprasad Aggarwal, to secure a bank guarantee of ₹1 crore from State Bank of India.

The bank guarantee was later dishonestly invoked and encashed despite there being no genuine construction activity or contractual obligation, causing financial loss to the bank while enabling wrongful gains to the accused.

Loan funds diverted through multiple entities

The ED further found that a significant portion of the fraudulently obtained loan funds was routed through various group companies and entities controlled by the accused.

These funds were allegedly diverted to repay unrelated liabilities, transferred to other firms, and used for acquiring assets.

Investigation continues

The Enforcement Directorate stated that further investigation into the case is underway to trace additional proceeds of crime and identify other individuals involved in the alleged conspiracy.