VIJAYAWADA: The Enforcement Directorate (ED) on Monday provisionally attached immovable assets having a market value of Rs 20.31 crore of miscreants accused of cheating IDBI Bank, Guntur branch by taking fraudulent loans.
According to a press release by the ED, the accused Mada Subrahmanyam, Mada Srinivasa Rao, Ganduri Mallikharjuna Rao, Eluri Prasada Rao had taken Kisan Credit Cards (KCC) loans from IDBI Bank for fish farming During the investigation, it was revealed that the four accused conspired fraud, with the help of Chandra Sekhar Harish Chennappagari, Manager of IDBI Bank, Guntur and availed a total of Rs 57.10 crore in names of 247 borrowers who were their family members, employees and others, by giving their properties as collateral securities. They misappropriated the loans sanctioned to borrowers. “The loan amounts sanctioned were utilised for purchasing several immovable properties,” said the press release.