ED Searches At 6 Locations In The Telugu States
Hyderabad, Dec 2 (Maxim News): Directorate of Enforcement (ED) has conducted search operations at six locations in Telangana and Andhra Pradesh on 29.11.2023 under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 in connection with investigation regarding fraud in sanction of loans under Kisan Credit Card (KCC) to farmers for construction of fish tanks.
ED initiated investigation on the basis of FIR registered by CBI, ACB, Visakhapatnam under various sections of the Indian Penal Code, 1860 and Prevention of Corruption Act, 1988 alleging large-scale fraud at IDBI Bank, Rajahmundry Branch, East Godavari District, Andhra Pradesh in connection with processing and sanctioning of short term loans /KCC to farmers of fish farming/pisciculture for the construction of ponds/tanks.
ED investigation revealed that the accused persons took KYC documents, blank cheques etc. from their employees, known persons, farmers etc. on the pretext of salary payment through banking channels, medical reimbursement, provident fund, etc. On the basis of these documents, they took loans in their names to the tune of Rs. 311.05 Crore with the connivance of bank officials and valuers. The loan amounts credited into the accounts of workers, farmers, etc. were transferred to the accused persons’ accounts and in many cases, the entire loan amount was withdrawn in cash. The accused persons thus acted as loan aggregators and ultimately used the loan amounts for their personal gains including investment in their businesses and acquisition of properties in the names of family members and other persons.
The searches were conducted at the residences and office premises of loan aggregators which resulted in the recovery & seizure of digital devices and incriminating documents revealing numerous immovable / movable properties acquired from the proceeds of crime. Further investigation is under progress. (Maxim News)
Next Story :
-
Telangana: DCA Cracks Down On Fake Drug Claims For Critical Illness
![Telangana: DCA Cracks Down On Fake Drug Claims For Critical Illness]()
Hyderabad, Nov 22 (Maxim News): The Drug Control Administration (DCA), Telangana State seized several drugs that were circulating in the market with misleading claims of treating Cardiovascular disorders, blood pressure, Ophthalmic diseases/disorders, fevers, and diabetes, which is in contravention of the Drugs and Magic Remedies (Objectionable Advertisements) Act, 1954, a DCA press release said.
-
Three Arrested For Practicing Allopathy In Telangana
![Three Arrested For Practicing Allopathy In Telangana]()
Hyderabad, Nov 22 (Maxim News): The drug inspectors of Telangana State Drug Control Administration (TSDCA) conducted raids on the premises of three quacks (unqualified medical practitioners), who were practicing allopathy, at different locations in Telangana State and seized substantial stocks of medicines worth Rs. 83,000, stored illegally for sale.
-
Like Praja Palana Forms, Now Caste Survey Applications On Road
![Like Praja Palana Forms, Now Caste Survey Applications On Road]()
Hyderabad, Nov 22 (Maxim News): The caste census survey applications have been found scattered again and this time near Tarnaka Metro station in the city on Friday. This is the second such incident being reported in the State.
-
Strict Action Against People Involved In Food Adulteration: Health Minister
![Strict Action Against People Involved In Food Adulteration: Health Minister]()
Hyderabad, Nov 22 (Maxim News): Keeping in view that the cases of food poisoning incidents have recently increased in the state capital Hyderabad. Food Adulteration incidents are coming to light somewhere in the city every day. It is known that recently a woman died after eating momos, Minister for Medical, Health and Family Welfare Damodar Raja Narasimha has…
Now you can get the latest stories from Indtoday on Telegram every day. Click the link to subscribe. Click to follow Indtoday’s Facebook page, Twitter and Instagram. For all the latest Hyderabad News updates
