ED Seizes ₹35 Crore Assets in Hyderabad Bank Fraud Probe
The Enforcement Directorate's Hyderabad zonal office has taken decisive action by provisionally attaching two high-value immovable properties with an estimated worth of ₹35 crore. This significant move is directly connected to an ongoing investigation into a substantial bank fraud case involving BNR Infra & Leasing and Elite Infra Projects Private Ltd, among other entities.
Properties and Individuals Involved
The attached assets are registered under the names of Beereddy Narasimha Reddy and Anil Beniprasad Aggarwal. The seized properties comprise:
- A substantial land parcel
- A residential flat
This provisional attachment was executed under the stringent provisions of the Prevention of Money Laundering Act (PMLA), demonstrating the ED's commitment to tackling financial crimes.
Origin of the Investigation
The Enforcement Directorate launched its comprehensive probe based on two separate First Information Reports (FIRs) filed by:
- The Central Bureau of Investigation's Economic Offences Wing in Chennai
- The Anti-Corruption Bureau in Hyderabad
These FIRs were registered under various sections of the Indian Penal Code and the Prevention of Corruption Act, highlighting the serious nature of the alleged offenses.
Details of the Alleged Fraud
According to the investigation findings, BNR Infra and Elite Infra Projects engaged in systematic fraudulent activities to obtain credit facilities from two prominent public sector banks:
- State Bank of India (SBI): Alleged loss of approximately ₹8.2 crore
- Bank of Maharashtra: Alleged loss of approximately ₹26 crore
The companies reportedly employed deceptive practices including:
- Submission of forged documents to secure loans
- Misrepresentation of ownership and status of collateral properties
- Concealment of material facts regarding disputed land titles
Money Trail and Diversion of Funds
The investigation has uncovered that the fraudulently obtained loan funds were not used for their intended purposes. Instead, the money was:
- Routed through multiple intermediary entities in a complex financial trail
- Diverted to settle unrelated liabilities
- Utilized for purchasing assets unrelated to the stated loan purposes
This provisional attachment represents a crucial step in the ED's efforts to recover proceeds of crime and ensure accountability in financial transactions. The case continues to develop as authorities pursue further investigations into the full extent of the alleged fraud scheme.
