Hyderabad: The sleuths of Enforcement Directorate (ED) have attached 27 immovable properties worth Rs 33.39 Crore market value in Pisciculture bank loan fraud case.
The properties are reportedly owned by Nimmagadda Ramakrishna, Nimmagadda Venugopal, VVNK Viswanath, their family members and associates. The attached assets are located in and around Hyderabad and Vijayawada.
The ED took up investigation based on an FIR filed by CBI, BS & FC, Bengaluru, against Nimmagadda Ramakrishna, Managing Director of M/s Venus Aqua Foods Limited and other Directors of the company for defrauding Union Bank of India (erstwhile Andhra Bank), Gudivada branch to the tune of Rs 36.97 Crore.
Investigation revealed that, the company Venus Aqua Foods Limited had availed Rs 19.44 Crore Fish Tank Loans from Union Bank of India (erstwhile Andhra Bank), Gudivada by furnishing forged/ fabricated documents including fake lease documents for 470 acres of fish farms.
ED attaches 27 immovable properties located at Hyderabad and Vijayawada totaling to ₹ 11.05 crores belonging to Nimmagadda Ramakrishna, Nimmagadda Venugopal, VVNK Viswanath, their family members and others under PMLA in a Pisciculture #BankLoanfraud case. pic.twitter.com/nM1vLyQXx9
— ED (@dir_ed) October 21, 2020
The loan funds were diverted & not repaid causing a loss of Rs 36.97 Crore to the bank . The accused also availed Fish Tank Loans in the name of 54 individuals including themselves, their family members, their friends, relatives, associates and their family members to the tune of Rs 22.64 Crore.
These loans were taken on the pretext of pisciculture, but instead the money was siphoned off and diverted to the main accused who in turn used this money to introduce share capital in M/s VAFL which help the company to borrow more.
Part of the loan funds were also used to acquire immovable properties in the names of Nimmagadda Ramakrishna, Nimmagadda Venugopal, VVNK Viswanath, their family members and associates to disguise their origin and were projecting them as untainted properties. An amount of Rs 1.72 Crore was diverted in the production of a Telugu movie “Aakasame Haddu".
The ED booked a case under prevention of money laundering and attached assets worth Rs 33.39 Crore.