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ED raids AMR India over alleged loan irregularities
In Short
Enforcement Directorate conducts multi-city raids on AMR India Limited and linked firms in Hyderabad over alleged financial irregularities and loan defaults.
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ED raids AMR India over alleged loan irregularities
Hyderabad: The Enforcement Directorate (ED) officials on Friday conducted raids on the AMR India Limited and its linked companies in Hyderabad in connection with the alleged financial irregularities that took place with the Kolkata based financial companies. The ED officials conducted similar raids in Kolkata, Bengaluru and other places. AMR India Limited Managing Director A Mahesh Kumar Reddy and other directors of the firm were allegedly questioned during the raids by the ED officials who arrived from Kolkata.
According to sources, a team of officers arrived from Kolkata and knocked on the doors of AMR India Limited office and its linked companies located at Kamalapuri Colony near Srinagar Colony in the city. During the raids, the ED officials reportedly enquired about the ongoing projects of the AMR India Limited and its linked firms across the country and previous loans and repayments. AMR linked companies reportedly obtained loans from Kolkotaba-based Non Banking Financial Companies a few years ago and reportedly failed to repay even after finishing their projects.
Mahesh Kumar Reddy is also director for several companies such as Bengaluru Divinity LLP, AMR Agro Farms Limited, A&M Resources Private Limited, AMR Envergys Limited, AMR Green Renewables Private Limited, AMARA Scapes private limited, Amara Avenues Private Limited, Aascot Builders Private Limited, AMR Malind Infra Private Limited and others. The ED suspect that the AMR linked companies owned by Mahesh Kumar Reddy and others might have obtained loans in huge amounts and reportedly diverted to other firms without making any repayments.
