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Vijayawada: ED attaches properties in bank fraud case
Enforcement Directorate
27 immovable properties held in the names of Nimmagadda Ramakrishna, Nimmagadda Venugopal, VVNK Viswanath, their family members and associates with an estimated market value of `33.39 cr attached
Vijayawada: The Enforcement Directorate (ED) has attached 27 immovable properties held in the names of Nimmagadda Ramakrishna, Nimmagadda Venugopal, VVNK Viswanath, their family members and associates worth Rs 11.05 crore with current market value of Rs 33.39 crore under the provisions of Prevention of Money Laundering Act, 2002 (PMLA) in a pisciculture bank loan fraud case.
The ED initiated investigations under the provisions of PMLA based on FIR of CBI, Banking Securities and Fraud Cell, Bengaluru, against Nimmagadda Ramakrishna, Managing Director of Venus Aqua Foods and other directors of the company for defrauding Union Bank of India (erstwhile Andhra Bank) at Gudivada branch of Rs 36.97 crore. Investigation conducted under PMLA revealed that Venus Aqua Foods had availed Rs 19.44 crore fish tank loans from Union Bank of India (erstwhile Andhra Bank), by furnishing forged/ fabricated documents including fake lease documents for 470 acres of fish farms. The loan funds were diverted and not repaid causing a loss of Rs 36.97 crore to the bank.
Investigation further revealed that 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 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 used this money to introduce share capital in VAFL which helped 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". All the loans have become non-performing assets (NPA) and after conducting fund trail investigation and on identification of these assets have been provisionally attached under PMLA. Further Investigation is in progress.
