The Directorate of Enforcement (ED) provisionally seized movable and immovable assets valued at Rs 100 crore belonging to accused loan fraud Rebba Satyanarayana and his family members under the Prevention Act money laundering in an IDBI bank fraud case by taking fraudulent loans.
The attached assets come in the form of farmland, fish ponds, commercial sites, plots and apartments in Andhra Pradesh and Telangana, in addition to the bank balance, the managing director said in a statement. here.
The ED had opened an investigation into money laundering based on the FIR registered by the Anti-Corruption Branch (ACB) / Central Bureau of Investigation (CBI), Visakhapatnam, under sections of the IPC against Satyanarayana and others for fraudulently using KCC (Kisan Credit Card) fish tank loans on behalf of 143 benami borrowers from IDBI bank, Rajahmundry branch to the tune of Rs 112.41 crore.
“The PMLA investigation revealed that Rebba Satyanarayana was the aggregator and ultimate beneficiary of all KCC loans to borrowers and that he had conspired with IDBI Bank officials and officials. ‘others ; and had used the loans on behalf of his family members, relatives and acquaintances for a total of Rs 112.41 crore, ”he said.
Said loan amounts from KCC were first transferred to the borrowers’ savings accounts (opened by Satyanarayana on their behalf) and later most of said loan was withdrawn in cash and returned to him.
These loan amounts were used for the repayment of previous loans made by entities in his name / parents / Benami’s name but controlled by him alone, the purchase of properties in his name / surname as well as on behalf of Benami and investing in his other export-import business run on behalf of himself / his relatives / benami, he added.
The PMLA investigation also revealed that the properties that Satyanarayana bought on behalf of his / parents / benami were again being used to mortgage for further loans in their other business entities on behalf of himself. / others / family members / employees.
“He is a habitual delinquent who takes out cyclical loans to repay old loans and divert part of the sanctioned loans to manage his various benami businesses. The investigation further revealed that he routinely and continuously engaged in the fraudulent use of bank loans by pledging / mortgaging properties and repaying them. For this he had either used new loans or settled said loan under OTS (single settlement) on a cyclical basis, he said.
The investigation also revealed that he had incorporated a foreign entity in New Jersey, USA and exported farmed seafood / prawns worth over $ 24,000,000 from his entity. national to said foreign entity, which is awaiting export fulfillment. This non-achievement of the export is also suspected, he added.