New Delhi, 1 October (IANS) Enforcement Directorate (ED), Nagpur has conducted eight places in Nagpur and Bhandara districts of Maharashtra, and Money Laundering Act (PMLA) in Guntur district of Andhra Pradesh, connected to 2002, Nat, 2002, in addition to eight places in the state.
These discovery works done on September 26, 2025, also identified “Volumenous Inkriminaling Documents, Property Papers, Digital devices, Rs 10 lakh cash, bank balance and insurance policies, including cold assets and immovable properties worth more than Rs 100 crore.”
According to the ED, it launched an investigation on the basis of the FIR registered by Maharashtra Police under various sections of IPC, 1860 against the then Corporation Bank (now Union Bank) and farmers against Ramana Rao said, Nutan Rakesh Singh and others.
The agency said in a press statement, “The alleged fraud was Rs 152.90 crore, affecting the corporation and ignorant farmers.”
The ED investigation has revealed that Ramana Rao and her colleagues have received the common cards and other documents from many ignorant farmers with false promises that they will help them open separate bank accounts, which are necessary to get compensation for crop failure as per the plan launched by the government.
“Further about this, in a criminal conspiracy with Sandeep Revnath Jangle, the then Assistant Manager of the Umarkhed Branch, in the criminal conspiracy, the Corporation Bank, including other accused, opened bank accounts in the name of 158 ignorant farmers and some loan amount (approval from 49.00 lakh to 50.00 lakhs in each account) said”
“Later, the accused Ramana Rao and his associates snatched the said loan amount for personal benefit, causing the loan account to the NPA, causing a total loss of Rs 113 crore to the bank.”
Similarly, another syndicate led by accused new Rakesh Singh, adopting a similar modus operandi and in a criminal conspiracy, the said assistant manager along with the said assistant manager, including other bank officials, approved a loan amount for a total of Rs 25.07 crore in the name of 54 ignorant farmers.
“Subsequently, the accused closed the said loan amount for personal benefit, causing the loan accounts to slip into the NPA, causing a total of Rs 39.43 crore (the original loan amount of Rs 23.03 crore and the interest amount of Rs 16.40 crore).”
The ED investigation has revealed that both Ramna said and Nutan Rakesh Singh both used the amount received from cheating for the acquisition of assets on the names of his family members and institutions along with his names.
In addition, the loan amount has also been used for payment of previous loans received in the name of their other institutions.
The ED said that further investigation is on.
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