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IndiaPosted at: Oct 28 2020 6:13PM


ED attaches assets worth Rs 7.57 Cr in bank fraud case in AP

New Delhi, Oct 28 (UNI) The Enforcement Directorate (ED) has provisionally attached 21 immovable properties worth Rs 7.57 crore in connection with a bank fraud case in Andhra Pradesh.
In a statement, the ED on Wednesday said that it has attached properties of PBR Poultry Tech and others located in Tanuku in West Godavari District of AP under the provisions of Prevention of Money Laundering Act, 2002 (PMLA) in a bank loan fraud case.
ED initiated probe on the basis of FIR by the Visakhapatnam Anti-Corruption Bureau of CBI against Polepalli Venkata Prasad, Managing Partner of PBR Poultry Tech and other partners for defrauding Indian Overseas Bank, Veerabhadrapuram branch at Tanuku in West Godavari District to the tune of Rs 7.34 Crore.

Investigation conducted under PMLA revealed that PBR Poultry Tech had availed ‘Term Loan of Rs 5.60 Crore from Indian Overseas Bank (IOB) by grossly inflating the value of the mortgaged properties in collusion with panel Advocates.
“Accused Polepalli Venkata Prasad also obtained Credit Guarantee Fund Trust for Micro & Small Enterprises(CGTMSE) loans in the name of his associates to the tune of Rs 1.74 Crore. The loan amounts were diverted and not repaid causing a loss of Rs7.34 Crore to IOB. When the accused could not get more loan from this firm, they set up another shell firm for obtaining loan”, the probe agency officials said.
They also revealed that the accused availed Term Loan of Rs 6.73 Crore and Cash Credit of Rs 3.2 Crore in the name of a shell company PBR Agritech Private Limited from Andhra Bank, Venkatayapuram Branch at Tanuku by again inflating the value of the mortgaged properties in collusion with Panel Advocates.
These loans were taken on the pretext of construction of a poultry shed, but instead the money was siphoned off and diverted to the main accused who in turn used this money to introduce share capital and machinery in PBR Poultry Tech, the ED stated.
The Andhra Bank loan has also become NPA and the accused have generated total proceeds of crime worth Rs 17.27 crore which the accused were trying to use the concealed ‘proceeds of crime’ available with them to buy-back their mortgaged properties by doing private deals with the ARC firm.
This way they will be able to buy these assets at discounted prices and that too from the defrauded loan money. All the loans have become NPA and after conducting fund trail investigation and on identification of 21 properties and the deposit with ARC firm were attached, the ED said, adding that further investigation is under progress.
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Tags: #ED attaches assets worth Rs 7.57 Cr in bank fraud case in AP
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