Visakhapatnam (Andhra Pradesh) [India], Could 10 (ANI): Enforcement Directorate (ED) has filed a prosecution grievance earlier than the Particular Courtroom at Visakhapatnam in opposition to a non-public agency and its managing director, former chief supervisor of Andhra Financial institution and others in a case associated to multi-crore financial institution fraud.
The prosecution grievance has been filed in opposition to M/s Venus Aqua Meals Restricted, its Managing Director Nimmagadda Ramakrishna, S Ramchander Rao (the then Chief Supervisor of Andhra Financial institution) and others underneath the Prevention of Cash-laundering Act (PMLA), 2002 in a case associated to multi-crore financial institution fraud.
The particular PMLA Courtroom, Visakhapatnam took cognizance of the prosecution grievance on Monday.
ED initiated a money-laundering investigation on the idea of FIR registered underneath by CBI BS and FC, Bangalore underneath numerous sections of IPC and Prevention of Corruption Act.
ED investigation revealed that M/s Venus Aqua Meals Restricted, its administrators and their relations and kin have availed mortgage for cultivating pisciculture actions and agriculture money credit score loans (AGLCC) from Andhra Financial institution in connivance with the chief supervisor of Andhra Financial institution however didn’t utilise the mortgage proceeds for the supposed objective.
Investigation revealed that loans have been withdrawn in money and diverted to repay outdated loans and buy immovable properties within the title of administrators of M/s Venus Aqua Meals Restricted and their relations. The cash was even diverted to supply a Tollywood Film by title’Aakashame Haddu’ and thereby triggered a lack of Rs 54.64 crore (together with curiosity) tothe Public Sector Financial institution, stated ED.
ED had earlier connected the properties of Nimmagadda Ramakrishna and others to the tune of Rs 13.75 crore. (ANI)