The accused fraudulently availed kisan credit card (KCC) fish tank loans to the tune of Rs 112 crore in the name of 143 benami borrowers from IDBI Bank, Rajahmundry. The attached properties are agricultural lands, fish ponds, commercial sites, plots and flats in Andhra Pradesh and Telangana.
The ED initiated a money laundering investigation based on an FIR registered by CBI Visakhapatnam against the accused Rebba Satyanarayana and others.
ED said Satyanarayana was the aggregator and an end beneficiary of the KCC loans sanctioned to the borrowers and that he had conspired with the officials of IDBI Bank. “He availed the loans in the name of his family members, relatives and acquaintances totalling Rs 112 crore. KCC loan amounts were transferred to the borrowers’ savings accounts (opened by Satyanarayana in their names). Later, it was withdrawn and handed over as cash,” the ED said.
The accused purchased properties under his name and that of relatives and benamis’ names. He had also invested in his other export-import businesses. “Investigation under the PMLA has revealed that properties purchased by Satyanarayana were used to mortgage for getting other loans in their other business entities,” the ED said. ED alleged that Satyanarayana was taking cyclical loans to repay old loans and divert portions of sanctioned loans to…