Visakhapatnam, Sep 3 (IANS) The Directorate of Enforcement (ED)has provisionally attached assets valued at Rs 2.22 crore under the Prevention of Money Laundering Act (PMLA) in a case of cheating of Canara Bank, Kancharapalem branch, Visakhapatnam, by taking fraudulent Kisan Credit Card Fish Tank loans.
The assets provisionally attached by Visakhapatnam Sub-Zonal Office include immovable assets having a value of Rs. 2.20 crore and movable properties valued at Rs. 1.36 Lakh.
The attached properties are in the name of Dodla Venkata Krishna Kumar and his wife Dodla Suneetha in the form of residential flat, plots and bank balances, as he had utilised the KCC Fish Tank loan amount, which was availed by the borrowers, namely Devasani Nirmala, Adari Chandrakala and Kovvuri Srinivas from Canara Bank, Kancharapalem branch, Visakhapatnam, for his personal/business use.
The Central agency initiated an investigation based on an FIR registered by CID, Headquarters PS, Mangalagiri, Andhra Pradesh, under various sections of the Indian Penal Code (IPC) against Devasani Nirmala, Adari Chandrakala, Kovvuri Srinivas, DVK Kumar and others.
The FIR and chargesheet alleged that Kovvuri Srinivas and Adari Chandrakala obtained Kisan Credit Card (fish) loan to the tune of Rs. 80 Lakh and Rs. 2.50 crore respectively by submitting fake lease agreements and passbook; that Devasani Nirmala also availed Kisan Credit Card (fish) loan to the tune of Rs. 2.20 Crore and defaulted on repayment of the said loans.
ED investigation revealed that DVK Kumar utilised Rs. 4.57 crore out of the Rs. 5.50 Crore KCC Fish Tank loan sanctioned to the said three borrowers and was the ultimate beneficiary.
The sanctioned KCC loan amounts were withdrawn in cash, diverted from the borrowers’ accounts to the accounts of friends/relatives of DVK Kumar, and the same was utilised by DVK Kumar for his personal/business use, the agency said.
Part of the proceeds of crime was utilised by DVK Kumar for the acquisition of immovable properties in the name of his wife, Dodla Suneetha.
Further investigation is in progress, it added.
–IANS
ms/dan